July Tax Collections Come In Below Projections
ST. PAUL, Minn. (AP) — Minnesota’s tax collections for July have come in $69 million below expectations.
The Department of Minnesota Management and Budget released its monthly revenue Monday. It shows the state took in 6.6 percent less than was forecast.
The monthly update is only part of the picture because it doesn’t include any details about spending patterns. And lawmakers don’t use those snapshot reports when setting the budget.
The shortage was most acute in the area of individual income taxes, which were off by $36 million. Officials say some could be attributed to timing of tax payments or refunds.
The next comprehensive budget analysis that looks at taxes and spending isn’t due until late November or early December.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)