WCCO EYE4 LOGO WCCO Radio wcco-eye-red01, ww color red

Local

Minnesota Revenues Running Ahead Of Forecast

View Comments
Minnesota State Capitol, St. Paul, st paul, generic, government

(credit: Mark Erickson/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. Why Is Edward Moody Wearing A Headband?
  2. 4 Things To Know For July 24, 2014
  3. Chris Pratt Proves French Braid Cred During Interview
  4. WCCO Viewers’ Choice For MN’s Best Drive-In
  5. The Lowdown: Moto-i To Appear On Cooking Channel Tonight

ST. PAUL, Minn. (AP) — Minnesota’s tax revenues are running a little ahead of forecast levels.

An update Tuesday from Minnesota Management and Budget says net general fund revenues totaled nearly $2.5 billion in February and March, which was $106 million or 4.4 percent better than forecast in February.

The agency says increased income tax withholding receipts are the largest factor, mostly from one-time bonuses rather than stronger underlying wage growth. Tax receipts for fiscal 2012 now total $11.8 billion, 4.1 percent better than at this point last year.

The figures give only part of the budget picture because spending patterns aren’t included. The last projections in February showed a $323 million surplus.

The department’s July update will show whether income tax refunds and final income tax payments for 2011 are keeping pace with projections.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus