Minnesota closed out fiscal 2012 on June 30 with $336 million more in revenue than predicted when the annual February forecast was released.

The state collected $115 million more from individual income taxes than previously forecast.

State economists and their advisors in February raised the forecast they made in November by $323 million.

While economic indicators suggest the state’s economy has stabilized and is on the mend, the February forecast still projects a deficit in the 2014-15 biennium of $1.1 billion.

Minnesota’s heavy reliance on one-shots to balance recent budgets drove negative rating actions last year.

Standard & Poor’s lowered its rating one notch to AA-plus. Moody’s Investors Service revised its outlook on Minnesota’s Aa1 rating to negative from stable. Fitch Ratings downgraded the state’s $6 billion of general obligation debt to AA-plus from AAA.

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