Pennsylvania Revenue Collections Fall Short Again

The Pennsylvania Department of Revenue released their revenue estimates for September.  The collections were $119 million below estimates for the month, and $300 million less than collected one year ago.  

This certainly puts a crimp in the budget “deal”, which is base on a 0% growth in tax revenue (or even a slight increase).  The real test will come in October, which is when the bottom fell out last year, but it is a foregone conclusion that we shouldn’t expect a dramatic increase in revenue this year.

 

Historical Budget Shortfalls: Projected vs. Actual Revenues (Monthly)
(in millions of dollars)
2008-09 2009-10
Actual Difference Percent Actual Difference Percent
July $1,746.20 -$0.08 0.00% $1,650.89 -$2.11 -0.13%
August $1,668.90 -$117.50 -6.58% $1,605.50 -$19.90 -1.22%
September $2,343.70 -$163.80 -6.53% $2,050.50 -$118.60 -5.47%
October $1,649.00 -$283.40 -14.67%
November $1,640.90 -$93.10 -5.37%
December $2,109.00 -$156.63 -6.91%
January $2,173.80 -$261.74 -10.75%
February $1,502.20 -$196.95 -11.59%
March $3,873.30 -$336.09 -7.98%
April $2,952.00 -$942.50 -24.20%
May $1,613.30 -$287.50 -15.13%
June $2,300.00 -$415.00 -15.29%
FY Total $25,572.30 -$3,254.29 -11.29% $5,306.89 -$140.61 -2.58%