(St. Paul, MN) — Minnesota tax collections again exceeded expectations in November, just weeks after the state issued an updated revenue forecast predicting a record-setting budget surplus of nearly 18 billion dollars.
A monthly update shows net General Fund tax revenues for November were just over two billion dollars — three percent more than in the brand-new forecast.
Individual income tax payments, corporate tax revenues and sales tax collections were all greater than forecast. Fees and miscellaneous revenue were somewhat less than expected.
The next complete economic forecast comes out in late February or early March and will provide important information for state lawmakers as they set the next two-year state budget.