Minnesota Ended Fiscal Year With $421 Million in Extra Revenue

St. Paul, MN (KROC-AM News) - Fiscal year 2024 for the State of Minnesota officially came to an end on the final day of last month and a new state report shows overall state tax collections for the 12 month period were hundreds of millions of dollars higher than predicted.

The Minnesota Office of Management and Budget estimates net general fund revenues for the fiscal year totaled just over $30.2 billion. That is about $421 million, or 1.4%, above the amount projected by the most recent state revenue forecast that was issued in late February.

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The report shows individual income tax payments totaled more than $14.8 billion, which was $44 million above the forecast. Corporate tax payments exceeded the forecast by 5.7%, or $170 million. Miscellaneous revenues from fees and other sources came in $242 million higher than predicted at about $4.6 billion.

The only revenue category that missed the target was general sales tax receipts. The report shows they totaled about $7.5 billion, which was about $35 million under the forecast.

Looking ahead, the economic forecasting consulting firm used by the state projects growth in the national Gross Domestic Product will remain "stable and consistent" with the projections included in the February state revenue forecast. The report says the consultant expects the US GDP will grow 2.4% this year and then about 1.7% in 2025, 2026, and into 2027.

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