Minnesota Management and Budget (MMB) reported on Monday, June 10th that revenue collections in Minnesota totaled $1.4 billion in May. This represents a $25.8 million increase over what was projected to be collected for the month in the February Economic Forecast. Through the first five months of 2013, Minnesota’s revenue collections are running $324 million ahead of what has been projected.
The K-12 Omnibus Finance Bill which was signed into law by Governor Mark Dayton on May 22, 2013 requires that any surplus as of June 30, 2013 be used to repay the school aid payment shifts. It is likely that June revenue collections, which will be reported on July 10, will show another revenue increase. Because of this repayment of the shift, the $324 million plus what is collected in June will not be available to spend in the 2014 Supplemental Budget.