ST. PAUL, Minn. (AP) — Minnesota’s economic hot streak isn’t letting up.

State tax collections beat estimates by $30 million, or 3 percent, in July. That’s according to a Department of Minnesota Management and Budget report released Monday.

Stronger-than-expected income and sales taxes accounted for the difference. Corporate taxes and other types of revenues hit their mark. Last month officials said the state ended its fiscal year about $555 million ahead of projections.

The tax collections are only one piece of the budget equation, and the monthly state reports don’t document spending patterns. Lawmakers will get a fresh update in November on whether the state still has a budget surplus and how big.

(© Copyright 2015 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.