Wednesday, August 10, 2005

State revenue on the rise

From the Associated Press:

State tax collections in July above estimates

July was another better-than-expected month for tax collections in Minnesota, with an unanticipated $6.7 million showing up in government bank accounts, according to a memo issued Wednesday.

That's after the state ended the fiscal year June 30 with an extra $286 million in its accounts. That gain, however, might be consumed by a court-driven change in corporate taxes.

The state collected a total of $700.9 million in July, or 1 percent more than expected. The Department of Finance memo notes that personal income, sales, corporate and motor vehicle sales taxes were all up, although revenue from unspecified other sources fell below projections.

Although optimistic, policy makers typically don't use monthly updates to plan future budgets. Instead, they rely on more comprehensive economic reports — issued in November and February — that look at both revenue and spending.(Source: Associated Press, August 10, 2005)

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