ST. PAUL, Minnesota — Minnesota budget officials said Friday the state piled up an extra $136 million during the summer, though tax collections slowed in September.
The state's quarterly budget update covering tax collections from July through September is just the latest round of good financial news for the state. Minnesota ended its fiscal year at the end of June with an unexpected $531 million.
Despite the slowdown as fall approached, The Department of Minnesota Management and Budget's release showed tax collections up by 3.2 percent over projections through September.
The sum could add to a stash of more than $900 million that lawmakers left to tap into for spending initiatives during next year's legislative session. But the reports don't look at the state's spending patterns, and budget officials caution there can be wide swings in state revenue.
Higher income tax collections were a bulk of unexpected revenue, though budget officials expect that to drop off throughout the rest of the year. An unexpected jump in sales statewide drove sales tax collections up by $32 million over forecasts.