Minn. tax revenues up $55M for most recent quarter

Minnesota tax collectors took in $55 million more than expected from July through September.

In the last snapshot of the state budget before the Nov. 2 election, Minnesota Management and Budget released an economic update on Monday. The brightest spots were sales and corporate taxes.

The update shows that tax collections for the current fiscal year are helping to erase a $77 million shortfall left over from the fiscal year that ended in June.

The report says the state is running $22 million behind for the full two-year cycle that runs through June 2011.

The numbers are separate from an estimated deficit approaching $6 billion for the following budget period.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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