St. Paul, MN (KROC-AM News) - A monthly update from the State of Minnesota shows tax collections for May were modestly higher than expected.

The Minnesota Office of Management and Budget reported that net general fund revenues totaled just under $2.1 billion last month. That was $23 million, or 1.1%, above the level predicted by the most recent state revenue forecast.

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Higher-than-anticipated individual income tax payments accounted for nearly all of the difference. They totaled just over $1 billion, which was $166 million above the forecast.

Minnesota Management and Budget

Corporate tax payments came in $8 million higher than projected, while other major revenue sources were lower than expected. Sales tax revenues fell short by about $54 million, and revenues from fees and other miscellaneous sources were nearly $100 million below forecast.

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For the current fiscal year, which ends this month, general fund revenues have reached nearly $28.5 billion. The state agency says that is about $658 million, or 2.4%, higher than projected.

The 25 Best Places to Live in Minnesota

Stacker compiled a list of the best places to live in Minnesota using data from Niche. Niche ranks places to live based on a variety of factors including cost of living, schools, health care, recreation, and weather. Cities, suburbs, and towns were included. Listings and images are from realtor.com.

On the list, there's a robust mix of offerings from great schools and nightlife to high walkability and public parks. Some areas have enjoyed rapid growth thanks to new businesses moving to the area, while others offer glimpses into area history with well-preserved architecture and museums. Keep reading to see if your hometown made the list.

Gallery Credit: Stacker

Source: Minnesota Budget: May Revenues Outpace Forecast by 1.1%

Filed Under: Taxes, economy

Categories: State News