Strong May sales tax collections padded Minnesota's budget
- Blog Post by:
- June 11, 2012 - 11:26 AM
Stronger than expected sales tax collections in May helped Minnesota’s budget outperform estimates by state finance officials.
The state’s general fund took in $1.3 billion in May, $32 million more than forecasted. Since February, tax revenues have surpassed estimates by $148 million, according to a new report by Minnesota Management and Budget.
Minnesotans paid $380.3 million in sales tax in May, $37.4 million more than expected.
Tax collections from businesses surpassed predictions by nearly double, coming in at $42.9 million.
Individual income taxes fell far below estimates, totaling $544.5 million. That’s $56.2 million below estimates.
Other revenue sources came in $32 million higher than expected, totaling $333.1 million.
State budget officials warned not to make too much of the monthly report, which can fluctuate wildly.
Budget officials said they do not expect final income tax collection numbers to be below estimates.
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