St. Paul, MN- On August 10, Minnesota Management and Budget (MMB) released revenue numbers for the first month of Fiscal Year 2016 that are $30 million more than was projected. The July figures are three percent above the initial forecast, and are attributed to larger than expected revenue from income and sales taxes.
“This is good news for our state’s families, and a great sign that our state’s economy is growing stronger,” commented Senator Dahle. “If this trend holds through the rest of the fiscal year, I am hopeful that we will be able to lower some taxes for the middle class while still making progress on issues like strengthening our schools and increasing the quality of life of Minnesota’s seniors.”
Individual income taxes contributed $14 million more than was projected, and the sales tax brought in $16 million over predictions, which is a strong sign of a healthy and growing economy. A more comprehensive MMB report will be available in October, and will cover the July, August, and September revenues.
For more information, contact Bryan Wells at 651-296-5561.