State tax revenue rises in August
The total revenue haul for the month was $1.22 billion. That was $41 million, or 3.5 percent, more than predicted in February’s economic forecast, according to the Minnesota Department of Management and Budget (MMB). Individual income and sales taxes both came in above forecast by double-digit percentages.
For the overall 2013 fiscal year, state collections are up $31 million, which is a mere 1.4 percent predicted in the forecast.
The report is a sliver of the state’s two-year budget period and is also subject to volatility based on the rate at which refunds are issued and collections are received. A broader measurement of tax collections is due in August in MMB’s economic update that covers July, August and September.