PA Budget Deficit Tops $2.8 Billion
With one month to go in the current fiscal year, Pennsylvania's General Fund budget is $2.8 billion in the red.
The Pennsylvania Department of Revenue released the May tax revenue numbers today and the state's bottom line is not looking so good.
Pennsylvania collected $1.6 billion in General Fund revenue in May, which was $287.5 million, or 15.1 percent, less than anticipated, according to Revenue Secretary Stephen H. Stetler. Fiscal year-to-date General Fund collections total $23.3 billion, which is $2.8 billion, or 10.9 percent, below estimate, Stetler reported.
Gov. Ed Rendell, who signed the deficit budget last July knowing it would never come close to balancing, now projects a deficit of $3.2 billion by the end of the current fiscal year on June 30.
Here's the blow-by-blow breakdown from the Revenue Department:
Sales tax receipts totaled $607.4 million for May, $106.4 million below estimate. Sales tax collections, year-to-date, total $7.5 billion, which is $527.7 million, or 6.6 percent, less than anticipated.
Personal income tax (PIT) revenue in May was $721.4 million, $55.7 million below estimate. This brings year-to-date PIT collections to $9.4 billion, which is $1.1 billion, or 10.4 percent, below estimate.
May corporation tax revenue of $81.6 million was $38.8 million below estimate. Year-to-date corporation tax collections total $4.4 billion, which is $531.4 million, or 10.7 percent, below estimate.
Other General Fund revenue figures for the month included $65.3 million in inheritance tax, $10.8 million below estimate, bringing the year-to-date total to $704.5 million, which is $94.4 million below estimate.
Realty transfer tax was $18.6 million for May, $12.2 million below estimate, bringing the total to $267.3 million for the year, which is $105.2 million less than anticipated.
Other General Fund tax revenue including cigarette, malt beverage and liquor taxes totaled $83.3 million for the month, $10.4 million below estimate, bringing the year-to-date total to $958.2 million, which is $21.2 million below estimate.
Labels: Debt, Government Spending, Pennsylvania Legislature, Randy Bish Cartoon, Rendell, Taxes
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