State tax collections $46 million lower than expected
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State finance officials say tax collections from July through September were $46 million less than projected.
Minnesota Management and Budget said in its quarterly report that income, sales and cigarette taxes all came in lower than expected. Corporate taxes were $56 million higher than projected.
In the memo, finance officials say September tax collections were higher than expected but were offset by lagging figures in July and August. They are also projecting solid economic growth in the second half of 2014 and next year.
The finance agency releases quarterly reports to give the public a glimpse of how much revenue is coming into the state’s coffers. But it only shows part of the state’s financial picture, since spending expectations are not released until later this year.
This is the last economic update before November's election.
Here's the memo:
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