04/15/24 - 66 New Stories - REAL Environmental & Conservation Leadership In PA: http://tinyurl.com/msuwtctm
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November Revenue Collections Down 3.5 Percent, Deficit Now $345.3 Million, So Far
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Pennsylvania collected $1.7 billion in General Fund revenue in November, which was $63.3 million, or 3.5 percent, less than anticipated, Secretary of Revenue Daniel Meuser reported Thursday.
Fiscal year-to-date General Fund collections total $9.4 billion, which is $345.3 million, or 3.6 percent, below estimate.
Some legislators are again talking about using DCNR's Oil and Gas Fund as a piggybank to balance the state budget as they and Gov. Rendell have done in the past. The Fund is where royalties from leasing State Forest land for drilling are deposited.
Sales tax receipts totaled $708.3 million for November, $10.3 million below estimate. Year-to-date sales tax collections total $3.6 billion, which is $18.9 million, or 0.5 percent, less than anticipated.
Personal income tax revenue in November was $769.2 million, $5.4 million above estimate. This brings year-to-date PIT collections to $3.8 billion, which is $129.2 million, or 3.3 percent, below estimate.
November corporation tax revenue of $39.4 million was $24.2 million below estimate. Year-to-date corporation tax collections total $750.7 million, which is $167 million, or 18.2 percent, below estimate.
Inheritance tax revenue for the month was $52.8 million, $15.9 million below estimate, bringing the year-to-date total to $321 million, which is $18 million, or 5.3 percent, below estimate.
Realty transfer tax revenue was $18.2 million for November, $5.5 million below estimate, bringing the fiscal-year total to $123.4 million, which is $14.4 million, or 10.4 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $125.1 million for the month, $700,000 below estimate and bringing the year-to-date total to $632.7 million, which is $7.4 million, or 1.2 percent, above estimate.
Non-tax revenue totaled $6.4 million for the month, $12.1 million below estimate, bringing the year-to-date total to $97.3 million, which is $5.2 million, or 5.1 percent, below estimate.
In addition to the General Fund collections, the Motor License Fund received $175.3 million for the month, $10.6 million above estimate. Fiscal year-to-date collections for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – total $1 billion, which is $4.8 million, or 0.5 percent, above estimate.
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12/5/2011 |
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