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Pennsylvania’s October Revenues Fall Short
The Pennsylvania Department of Revenue released October revenue collections. Once again, the numbers fell short of projections – the state is now $160 short of estimate for the fiscal year.
The tax collections were slightly higher than last year (note that $1.8 billion was “non-tax revenue”, i.e. transfers from the Rainy Day Fund and other funds).
Prognosis – things are looking more and more like another budget shortfall.
| 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% | $3,514.80 | ($19.50) | -0.55% |
| 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% | $8,821.69 | ($160.11) | -1.81% |
* $1.8 billion in non-tax revenue in 2009-10