Minnesota budget finishes fiscal year in black

Minnesota state government finished its last budget year with an estimated $230 million more in the bank than finance officials expected.

The Department of Minnesota Management and Budget released a report Monday that provided the update on fiscal year 2016 tax revenues. The budget year ended on June 30 with the extra money, which is about 1 percent more than forecast.

Individual income taxes and corporate taxes outpaced projections, but general sales taxes lagged a bit.

The final tally could change slightly as remaining bills are paid. A formal closeout of the books is expected in mid-August.

State lawmakers will get a fuller budget update in December that looks at both tax and spending patterns. They and Gov. Mark Dayton will use that to start building a new two-year state budget.

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