Minnesota's tax revenues were slightly below projections in August, but state officials said the dip could be due to factors other than the state's level of economic activity.
Revenues for the month were nearly $1.3 billion, $26 million (or 2 percent) less than forecast. For the fiscal year that began July 1, overall revenues are 2 percent below projected levels.
Minnesota Management and Budget, which oversees the state's budget, said changes in the dates that receipts are received could cause monthly variations.
The agency said "downtime for the state’s accounting system" over the Labor Day weekend pushed some August revenue into early September.
August Revenue Memo
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Net tax collections for fiscal year 2016 were $230 million more than previously projected.
Higher corporate tax receipts get the credit.
Minnesota added 15,600 jobs in April, while the unemployment rate held steady at 3.8 percent.
Minnesota Management and Budget says state tax collections in November and December exceeded projections by $43 million.
Tax revenue for November totaled $1.43 billion, coming in $9 million short of expectations.