That amounts to a $25.8 million increase in revenue for the May fiscal period, according to numbers released by Minnesota Management and Budget (MMB) on Monday. Year-to-date revenues are now about $324 million above February’s forecast.
The state’s income tax saw a nearly $3 million bump from February projections, while the sales tax collections were down by about $4.2 million. Corporate tax collections saw only a slight increase from what was projected.
“All results are preliminary and subject to revision,” MMB wrote in a release. “Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed or by differences in the rate refunds are issued.”