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St. Paul, Minn. (AP)

Minn. state revenues $99M below forecast

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Minnesota's overall tax collections were below projections in the just-completed fiscal year. But state officials say there's no reason to worry - yet.

Minnesota Management and Budget said Friday preliminary numbers show the state took in more than $14.1 billion in the fiscal year that ended June 30. That's $99 million, or 0.7 percent, less than forecast in February.

The biggest reason for the shortfall was individual income taxes, which were $188 million, or 2.8 percent, below projections. That's mainly because of final settlements of tax year 2009 liabilities.

Corporate income tax and sales tax collections were slightly ahead of projections.

Officials say the $99 million shortfall does not create a budget deficit for the current two-year cycle, but it does reduce the state's cash-flow cushion.

(Copyright 2010 by The Associated Press. All Rights Reserved.)