WCCO EYE4 LOGO WCCO Radio wcco-eye-white01, ww color white

Local

Minn. Revenue Comes In A Shade Below Projections

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. Full Interview: Jesse Ventura Talks After Trial
  2. 4 Things To Know For 7/30
  3. Remarkable Softball Player Gets A Look At His Dream Job
  4. Lake Calhoun Hosting Paddle For Humanity
  5. The Lowdown: 'N Sync Album & 'Sharknado 2'

ST. PAUL, Minn. (AP) — Minnesota’s tax collections have come in $2 million below expectations in the first three months of the newly enacted state budget.

That’s off by one-tenth of 1 percent in the context of a $4 billion tax haul from July through September. Minnesota’s finance agency delivered the budget update on Thursday.

Lagging tobacco tax and corporate tax revenue accounted for most of the shortage, which was mitigated by stronger-than-expected income and sales tax receipts. The report doesn’t look at spending patterns.

Finance officials say long-term growth projections have been scaled back slightly with economists warning of disruptions from federal budget fights. They say an ongoing federal shutdown and failure to boost the nation’s debt limit could touch off a “global financial crisis.”

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus