In the latest report on the state's revenue picture, state revenues were $58.2 million, or 4.4. percent, less than forecast.

But the state's receipts for 2012 fiscal year were $700,000 more than forecast.

Minnesota Management and Budget, which releases the monthly revenue report, warns that the results are "preliminary and subject to revision."

"Monthly revenue variances should be interpreted with great caution. Wide swings in variances for particular revenues may be caused by variations in the rate at which receipts are received or refunds are processed and not reflect changes in the revenue outlook," the agency said.

The state will have a truer picture of where things stand on Dec. 1, when fiscal experts release the next revenue forecast.

Here's the monthly report:

 

October Revenue Collections Memo 111011