Minn. official says tax take below mark for July
ST. PAUL (AP) — Minnesota has missed its tax collection projections in July by about $21 million.
The shortage is reflected in a Department of Minnesota Management and Budget memo released Monday. But officials caution that the results are preliminary and subject to change.
The state began its new fiscal year in July with a state budget that raises taxes on high incomes, tobacco and some previously exempt purchases.
In all, Minnesota took in just shy of $936 million in taxes, about 2.2 percent less than anticipated.
The report looks only at tax collections and doesn't assess spending patterns. The memos typically aren't used in setting the budget.
A more-detailed picture is due in October. It will determine the amount of state IOUs to schools that will be repaid.