August Saw $113M In Excess Revenue Land In Minnesota Coffers

ST. PAUL, Minn. (AP) — Robust corporate, sales and income tax receipts have led to another month where Minnesota's revenues far exceeded forecaster expectations.

The Department of Minnesota Management and Budget said Thursday that the state took in $113 million more than it was counting on in August, or 8.5 percent better than projected.

Officials said almost one-third of that was from one-time corporate tax payments that they don't think will be repeated. Larger-than-expected income tax withholding resulted in $37 million of the excess.

The monthly reports don't look at state spending patterns. And officials caution there can be wide swings. Still, this one is part of an overall trend that suggests Minnesota might have a bigger surplus for lawmakers to work with when the next full economic forecast comes out later this fall.

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