Minn. revenue for Oct. higher than expected

ST. PAUL, Minn. (AP) — Minnesota’s tax collections in October beat targets by more than $56 million.

But budget officials are warning not to read too much into the monthly revenue statements.

Officials said Tuesday the Minnesota Department of Revenue collected $1.6 billion in October, nearly 4 percent higher than forecast.

The Star Tribune (http://bit.ly/17t5ytG ) reports individual income taxes, sales taxes, corporate income taxes and other revenue all beat expectations.

But officials caution that the monthly revenue statements can vary wildly based on a range of factors, including timing of tax payments.

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Information from: Star Tribune, http://www.startribune.com

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