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 This material may not be published, broadcast, rewritten or redistributed.)