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Tim Pugmire
St. Paul, Minn.

Update shows state tax revenue falling short

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The state's latest economic update shows incoming tax revenues continue to fall short of expectations, but the situation is not getting dramatically worse.

State lawmakers are already wrestling with a projected $4.8 billion deficit.

A new update from the state Department of Management and Budget says net general fund revenues for November, December and January were down $133 million from the forecast amount. That's just 2 million dollars more than last month's estimate.

Receipts from corporate and inidividual income taxes were down in January, but sales tax and motor vehicle sales tax revenues were above projections.

Minnesota Management and Budget officials say sales tax refunds in January were $25 million less than forecast, resulting in $17 million more in sales tax revenues than forecast.

Officials also urged caution in interpreting monthly revenue variances from the forecast, saying the data are preliminary and subject to revision. The latest results will be incorporated into the next revenue forecast, which will also include state spending. That forecast, due out March 3, is expected to show an even larger budget deficit.