Pennsylvania’s Revenue Shortfall Climbs

The PA Department of Revenue released the January Revenue Collections this afternoon.  We’ll have the full “Deficit Watch” up on the website tomorrow, but here are the quick hits.

  • The General Fund revenue shortfall for January was $261.7 million.  This was more the double the expected shortfall (base on the expectation of a $1.6 billion deficit, though Governor Rendell has already revised that to $2.3 billion)
  • For the year, Pennsylvania is now $1.1 billion behind estimates.