State tax dollars continue to roll in

On Monday, Minnesota Management and Budget (MMB) announced that state tax collections for July (the first month of the fiscal year) were $30 million above what had been projected, with individual income tax and sales tax collections coming in very strong.

With tax collections coming in ahead of projections and with more than $800 million left unspent during the 2015 legislative session, it is likely that lawmakers will have close to a $1 billion of surplus funds to dispense with either through spending, tax cuts or simply putting away in the state’s “rainy day” fund.

The full memo from MMB can be seen here.