Minnesota Fiscal Year Tax Collections Fall a Little Short
St. Paul, MN (KROC-AM News) – The state coffers contained a little less money than expected when the end of the fiscal year arrived June 30th.
A new report from the Minnesota Office of Management and Budget shows the state’s net general fund the receipts for fiscal year 2017 are estimated at $20.949 billion. That is $104 million, or about a half a percentage point, below the level predicted by the most recent state revenue forecast issued in February.
The deficit was the result of lower-than-expected income tax collections, which more than offset higher than predicted sales, corporate and other tax receipts. The income tax payments were 2.3-percent, or $260 million, less than forecast.
Despite being slightly less than projected, the overall general fund revenues for the 12-month period are estimated to end up being three-tenths of a percentage point higher than the total reported for fiscal year 2016.