State tax revenues exceeded estimates during the month of October, according to a Minnesota Management and Budget release, and the state is slightly above projected totals for the fiscal year. October collections came to $1.6 billion, which is $56 million — or 3.6 percent — above MMB estimates.
The biggest gains came from income tax revenues, which, at $718 million for the month of October, were $30 million over the $688 million projection. The sales tax and corporate income tax collections were about even with projections.
The month’s totals gave a slight boost to the 2014 fiscal year, which began July 1. So far, the state is $54 million — or about 1 percent — above forecast revenues. In the release announcing the new figures, MMB cautions that month-to-month revenues “should be interpreted with great caution.” A more complete picture is expected to come with the publication of the November forecast, which will be released in early December.