In my blog post for last week, I asked readers to watch for the Minnesota Management and Budget (MMB) Department February 10 report on revenue collections because it could be used to predict the direction of the February Forecast. This report outlines January revenue collections and compares these collections to the estimates made in the November 2010 Forecast.
The good news trend from the January Economic Update has definitely continued. In the month of January, collections increased $137.4 million which represents a 9.3 percent increase in revenue. Fiscal year to date revenues now exceed the forecast by $165.5 million.
The MMB report, however, included the typical cautionary language guarding against too much optimism.
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