Taxes push up MN state revenues

"MN Budget"

07/11/2007

Associated Press | July 11, 2007


Thanks mostly to higher-than-expected income tax payments and lower-than-expected refunds, Minnesota ended fiscal year 2007 with an unexpected $158.7 million in the bank.
A budget update released today — calling the numbers "preliminary and subject to change" — said the individual income tax outpaced projections made in February.

At the same time, Minnesotans received $24 million less in refunds than finance officials had been counting on. Sales taxes and corporate taxes missed their mark slightly.

For the fiscal year that ended in June, the state collected just shy of $15.9 billion in all types of taxes.

The update looks at the revenue side of the ledger. The next comprehensive economic forecast that also considers spending patterns isn't due until November.

Meanwhile, the authors of the report said economic growth should remain steady over the next year, overcoming drags caused by $3 a gallon gas, a housing slump and inflation.