News

April tax revenue exceeds forecast

April tax revenue exceeds forecast Click to Enlarge Photo: Pumba1, Photos.com

May 10, 2013 at 3:26 pm

ST. PAUL, Minn. (AP) Minnesota's tax haul for April was $153 million better than forecasters had expected, a strong month that probably has little effect on the trajectory of legislative budget talks.

Minnesota Management and Budget Commissioner Jim Schowalter released the news in a memo Friday. The gains were attributable to better-than-anticipated collections from individual and corporate taxes. Officials always caution that the monthly figures can be volatile.

Because the monthly reports look only at revenue patterns, state lawmakers don't rely on those figures when setting the next budget. They instead lean on twice-yearly forecasts, the latest of which showed a $627 million deficit to address.

Mike Tanner

Posted By Mike Tanner

News Director

Mike Tanner's Profile

Leave a Comment

Current Weather

For Central Minnesota

Temp: 64°F (18°C)

Dewpoint: 47

Wind: 12 NW

Weather: Mainly Cloudy

Full Forecast | Live Radar

Community Calendar