Tax collections slightly down at start of new fiscal year

Minnesota state budget officials on Monday reported that tax collections from July to September were slightly under projections, totaling nearly $4.5 billion.

Overall, the amount was about 2 percent less, or $97 million, than a February forecast published by the Minnesota Management and Budget office. The July-September quarter is the start of the new fiscal year for the state.

Budget officials reported that net individual income taxes generated $29 million, about 1.1 percent less than projections published in February. Sales tax collections were down 2.3 percent from projections, netting $1.2 billion for state coffers.