Individual income tax collections were down about $3 million for the month of August, while corporate tax collections were about $15 million short of what was originally forecast. But sales tax collections were up by $30.6 million for the month.
The lower-than-anticipated figure could have been caused by one-day lag in the state’s reporting system over the Labor Day holiday, according to a release. From MMB:
“August revenue shown here is lower than normally would be reported, because downtime for the state’s accounting system during equipment relocation over Labor Day weekend led to a single day’s revenue being posted to the system in early September instead of in August.
“This amount will be included as September revenue in the October Revenue and Economic Update. A more complete report covering the July, August and September receipts will be issued as part of Minnesota Management and Budget’s October Revenue and Economic Update. That report will also update fiscal 2013 revenues to reflect the official closing of the fiscal year. ”
Until the numbers are updated next month, the 2014 fiscal year sits at $46 million below forecast.