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Fiscal Office: FY 2012-13 Revenue $1 Billion Higher Than Governor's Office Estimate

The Independent Fiscal Office said Tuesday its estimate of FY 2012-13 General Fund revenues is $1.02 billion higher than the estimate by the Governor's Office-- $28.16 billion versus the Governor's proposed budget of $27.14 billion.
           IFO and Governor's Office were closer in their estimates for the current FY 2011-12 fiscal year.  The IFO said the state would collect $27.05 billion in General Fund revenues in the current fiscal year and the Governor's Office estimated $27.095 billion.

            Click Here for more details. A copy of the IFO estimate is available online.  A copy of the Governor's budget is also available.
            Pennsylvania collected $3.4 billion in General Fund revenue in April, which was $98.9 million, or 3 percent, more than anticipated, Secretary of Revenue Daniel Meuser reported Tuesday. Fiscal year-to-date General Fund collections total $23 billion, which is $288.4 million, or 1.2 percent, below estimate.  Click Here for more details.
            NewsClips: State Revenues Hint At Upswing
                                More Tax Income May Soften PA Budget Cuts
                                April Tax Revenue Millions Ahead Of Estimate
                                April Tax Revenue $40-$50 Million Ahead Of Estimates
                                Strengthening PA Revenues Could Ease Proposed Budget Cuts
                                April Tax Shower Brings May Debate Over Spending
                                Legislators Have $121 Million Surplus
                                Reserve Judgment On Legislatures' Rainy Day Fund?  Ha!
                                Legislators Return With Budget On Their Minds
                                Editorial: General Assembly: Stop Hoarding Public's Cash
                                Budget Completion A Priority For State Legislators
                                Mapping PA's Drilling Impact Fee Revenue
                                Politicians Highlight PA Funding Cuts, Transit Woes


5/7/2012

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