Minnesota Revenues Continue to Surpass Budget Forecast
ST. PAUL (WJON News) -- The state of Minnesota continues to take in more money than what was in the revenue forecast.
The latest update from the Minnesota Management and Budget Office says net general revenues totaled nearly $2.4 billion in October. That's $133 million - or 5.9 percent - more than what was forecast back in February.
They say net receipts from individual income, sales, and other taxes were higher than forecast, which more than offset the lower-than-expected net corporate tax receipts.
So far for fiscal year 2024, year-to-date receipts are now over $8.77 billion. That's $533 million - or 6.5 percent - more than forecast.
A more detailed report covering the October, November and December receipts will be issued by the Minnesota Management and Budget Office in January.
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