Media
Pennsylvania’s Growing Revenue Shortfall
The Pennsylvania Department of Revenue released November revenue collections yesterday. Once again, the actual General Fund collections were somewhat below projections; $56 million (or 3%) for the month. The state is now $217 million (or 2%) short of estimate for the fiscal year.
With the exception of October, which feature $1.8 billion in transfers from other funds and one-time revenue sources, collections have been down month-to-month from last year. This is troubling for a state budget which was predicated on a slight increase in tax collections.
It is becoming clear that Pennsylvania faces another budget shortfall, and now is the time to adjust spending to match revenue
Historical General Fund 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% | $3,519.10 | ($19.50) | -0.55% |
November | $1,640.90 | ($93.10) | -5.37% | $1,597.00 | ($56.80) | -3.43% |
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% | $10,422.99 | ($216.91) | -2.04% |
* $1.8 billion in non-tax revenue in 2009-10