State Revenues Fell Short of Expectations in March
ST. PAUL, Minn. (AP) — Minnesota's tax collectors took in slightly less than they were counting on in February and March, but finance officials aren't sounding alarms.
The state drew $67 million, or 2.5 percent, less than forecasters were predicting. A budget update released Thursday by the Department of Minnesota Management and Budget says the shortage had to do with timing issues in payments they expect to come in later.
Income taxes for individuals outpaced expectations by 2.2 percent.
The report looks only at revenue and not at spending. Still, finance officials are adjusting economic growth estimates down a tad, which was partly attributed to the bad winter around the country causing disruptions and caution in the economy.
The quarterly updates aren't used by lawmakers when setting the state budget.