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St. Paul, MN (KROC-AM News) – Minnesota tax revenues were significantly higher than expected last month.

A monthly report from the Minnesota Office of Management and Budget shows that the state’s net revenues exceeded $2.1 billion in May, bringing the total up $304 million, or 16.7 percent, from the amount predicted in the most recent state revenue forecast.

All major revenue categories exceeded forecasts for May. The largest source of revenue, personal income tax payments, were $204 million higher than forecast.

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Minnesota Management and Budget

Minnesota Management and Budget

The report shows that general sales tax revenues were $57 million above projections, while corporate tax payments exceeded projections by $33 million. Revenues from fees and other sources were $9 million higher than expected.

Since the beginning of the fiscal year, state revenues have totaled over $26.8 billion, up $561 million or 2.1 percent from forecast.

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