July, 2013 MN State Revenue

400 Centennial Building • 658 Cedar Street • St. Paul, Minnesota 55155 Voice: (651) 201-8000 • Fax: (651) 296-8685 • TTY: 1-800-627-3529 An Equal Opportunity Employer DATE: August 12, 2013 TO: Governor Mark Dayton FROM: Jim Schowalter, Commissioner RE: July Revenue Review Net general fund revenues totaled $936 million in July, $21 million (2.2 percent) less than forecast. Withholding tax receipts were $24 million below forecast in July, and gross sales tax receipts were $22 million above projections. MONTHLY RECEIPTS FOR JULY, 2013 ($ MILLIONS) Forecast Actual Variance Individual income tax 616.8 603.8 -13.0 Sales tax 188.0 210.3 22.3 Corporate income tax 60.6 48.2 -12.3 Other revenue 90.8 73.2 - 17.7 Total 956.2 935.5 -20.7 All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances ma y be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued. Other revenues often include unallocated accounts receivables which will be added to receipts for the appropriate tax when identified. A more complete report covering the J uly, August and September receipts will be issued as part of Minnesota Management and Budget’s October Revenue and Economic Update . That report will also update fiscal 2013 revenues to reflect the official closing of the fiscal year. cc: Yvonne Prettner-Solon, Lt. Governor Senator Tom Bakk, Majority Leader Senator David Hann, Minority Leader Rep. Paul Thissen, Speaker of the House Rep. Kurt Daudt, Minority Leader

Upload
senatornienow
Category

Documents
view
215
download
0

Embed Size (px):

Transcript of July, 2013 MN State Revenue

400 Centennial Building • 658 Cedar Street • St. Paul, Minnesota 55155

Voice: (651) 201-8000 • Fax: (651) 296-8685 • TTY: 1-800-627-3529An Equal Opportunity Employer

DATE: August 12, 2013

TO: Governor Mark Dayton

FROM: Jim Schowalter, Commissioner

RE: July Revenue Review

Net general fund revenues totaled $936 million in July, $21 million (2.2 percent) less than forecast.Withholding tax receipts were $24 million below forecast in July, and gross sales tax receipts were $22million above projections.

MONTHLY RECEIPTS FOR JULY, 2013($ MILLIONS)

Forecast Actual Variance

Individual income tax 616.8 603.8 -13.0

Sales tax 188.0 210.3 22.3

Corporate income tax 60.6 48.2 -12.3

Other revenue 90.8 73.2 -17.7

Total 956.2 935.5 -20.7

All results are preliminary and subject to revision. Monthly revenue variances should be interpreted withgreat caution. Wide swings in variances may be caused by variations in the rate at which receipts arereceived and processed and differences in the rate at which refunds are issued. Other revenues ofteninclude unallocated accounts receivables which will be added to receipts for the appropriate tax whenidentified. A more complete report covering the July, August and September receipts will be issued as part of Minnesota Management and Budget’s October Revenue and Economic Update. That report willalso update fiscal 2013 revenues to reflect the official closing of the fiscal year.

cc: Yvonne Prettner-Solon, Lt. Governor Senator Tom Bakk, Majority Leader Senator David Hann, Minority Leader Rep. Paul Thissen, Speaker of the HouseRep. Kurt Daudt, Minority Leader