Minn. Tax Collections Slightly Miss Mark In July

ST. PAUL, Minn. (AP) — Minnesota tax collections missed the mark in July, though not by much.

State finance officials said Friday that the government took in $10.7 million less than expected, mainly due to lower-than-forecast sales and individual income taxes. The dip is minor compared to overall collections of $921 million for the month.

The Department of Minnesota Management and Budget always cautions against reading too much into the monthly figures, which don't assess the spending side of the ledger.

Lawmakers set the state budget based on two comprehensive economic forecasts. The next one of those is due in late November or early December.

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 This material may not be published, broadcast, rewritten or redistributed.)