Minnesota Revenues Running Ahead Of Forecast

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(credit: Mark Erickson/Getty Images)

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.

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