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Deficit spending continues in Pennsylvania
Pennsylvania continues to spend more than it takes in.
For the fifth month in a row in the 2009-10 fiscal year that began July 1, the state spent more than it collected in tax revenues, resulting in a cumulative shortfall of $217 million at the end of November.
While the deficit spending is below last year's pace (when Gov. Ed Rendell and the Legislature spent $3.25 billion more than the state took in), it's clear the state is headed for another budget deficit.
The Pennsylvania Department of Revenue reported Tuesday that Pennsylvania collected $1.6 billion in General Fund revenue in November, which was $56.8 million, or 3.4 percent, less than anticipated.
Fiscal year-to-date General Fund collections total $10.4 billion, which is $217 million, or 2 percent, below estimate, according to Secretary of Revenue Stephen H. Stetler.
The two biggest sources of revenue, the sales tax and the personal income tax, came in below estimate in November.
From the Revenue Department:
For the fifth month in a row in the 2009-10 fiscal year that began July 1, the state spent more than it collected in tax revenues, resulting in a cumulative shortfall of $217 million at the end of November.
While the deficit spending is below last year's pace (when Gov. Ed Rendell and the Legislature spent $3.25 billion more than the state took in), it's clear the state is headed for another budget deficit.
The Pennsylvania Department of Revenue reported Tuesday that Pennsylvania collected $1.6 billion in General Fund revenue in November, which was $56.8 million, or 3.4 percent, less than anticipated.
Fiscal year-to-date General Fund collections total $10.4 billion, which is $217 million, or 2 percent, below estimate, according to Secretary of Revenue Stephen H. Stetler.
The two biggest sources of revenue, the sales tax and the personal income tax, came in below estimate in November.
From the Revenue Department:
Sales tax receipts totaled $609.1 million for November, $52.7 million below estimate. Year-to-date sales tax collections total $3.3 billion, which is $142 million, or 4.1 percent, less than anticipated.Revenue Department Releases November Collections
Personal income tax (PIT) revenue in November was $705.4 million, $21.2 million below estimate. This brings year-to-date PIT collections to $3.6 billion, which is $105.5 million, or 2.9 percent, below estimate.
Other General Fund revenue figures for the month included $58.3 million in inheritance tax, $600,000 above estimate, bringing the year-to-date total to $301.1 million, which is $4.7 million below estimate.
Realty transfer tax was $24.4 million for November, $4.5 million above estimate, bringing the total to $132.6 million for the year, which is $2.1 million more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage and liquor taxes totaled $108.5 million for the month, $4.6 million above estimate and bringing the year-to-date total to $462.3 million, which is $16.8 million above estimate.
Labels: Debt, Government Spending, Pennsylvania Legislature, Rendell
posted by Tony Phyrillas at
11:03 PM
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