Report Suggests Minnesota Budget Surplus is $2 Billion Larger
St. Paul, MN (KROC-AM News) - The one-month extension of the income tax filing deadline this year helped push Minnesota's general fund revenues in May almost 120 percent above the level projected by the most recent state revenue forecast.
The overall total for the month of May was just over $3.3 billion, which was nearly $1.8 billion higher than predicted. After falling short of the forecast in April, individual income tax payments last month were over $2.3 billion, or about $1.7 billion more than projected. Sales tax revenues beat the forecast by $66 million and corporate tax payments last month were $27 million higher than expected.
For the fiscal year, which ends at the end of the month, state revenues through the month of May totaled $23 billion, which is nearly $2.2 billion, or close to 10.5 percent over the level predicted by the revenue forecast that was updated in late February.