The Pennsylvania Department of Revenue released preliminary FY 2010-11 revenue collection. Their statement says:
Fiscal year 2010-11 General Fund collections totaled $27.5 billion, which is $785.5 million, or 2.9 percent, above estimate.
The spend-mores are saying this is a surplus. But it is not.
Final spending in 2010-11 was $28.33 billion. That is, the government spent more than it collected in taxes last year. That is a deficit, not a surplus.
Note that the $27.5 billion in collections does not reflect tax refunds, Upon request, the Department of Revenue informed us that tax refunds (for businesses and individuals) are estimated to be $1.125 billion for the last year.
So the state spent $1.95 billion more than we collected, as the table below shows, using temporary stimulus money to fill the gap. Again: There is no surplus.
|2010-11 General Fund Revenue and Spending||Billions of Dollars|
|General Fund Revenue Collections||$27.50|
|Less Tax Refunds (Est.)||$1.13|
|General Fund Spending||$28.32|