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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% |