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State tax collections sizzled in May

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Minnesota’s financial hot streak extended into May.

A monthly update on revenue collections shows that the state took in 9 percent more than it was banking on. That translates into $148 million in additional taxes.

For May, the sales tax was the strong performer, accounting for roughly half of the excess dollars.

The monthly reports don’t document spending, and officials always say they should be viewed with caution.

But for the fiscal year that ends this month, the state has now pulled in $722 million more than anticipated. State lawmakers and Gov. Tim Walz used some of that money toward spending in the next two-year budget.

The final fiscal year 2019 figures should be out in September.