While Gov. Ed Rendell and the Pennsylvania Legislature are still trying to figure out what to do about last year's $3.25 billion budget deficit, Pennsylvania is facing another financial disaster for 2009-10.
Revenue collections for the first three months of the new fiscal year have fallen short of projections. That's a fancy way of saying Pennsylvania is headed for another fiscal crisis -- even while elected officials struggle to get the state out of the mess they created last year.
Pennsylvania collected $2.1 billion in General Fund revenue in September, which was $118.6 million, or 5.5 percent, less than anticipated, according to Revenue Secretary Stephen H. Stetler. Fiscal year-to-date General Fund collections total $5.3 billion, which is $140.6 million, or 2.6 percent, below estimate, Stetler reported.
Tax revenues from the state's two biggest sources of income fell short for the third consecutive month of the new fiscal year, adding to the 12-month decline in the 2008-09 fiscal year.
From the Department of Revenue's September Collection Report:
Sales tax receipts totaled $633.4 million for September, $38.8 million below estimate. Year-to-date sales tax collections total $2 billion, which is $52.2 million, or 2.5 percent, less than anticipated.The only bright spot is September's corporation tax revenue collections of $403.9 million, which was $5.6 million above estimate. Year-to-date corporation tax collections total $541.4 million, which is $7.3 million, or 1.4 percent, above estimate.
Personal income tax (PIT) revenue in September was $835.4 million, $69.5 million below estimate. This brings year-to-date PIT collections to $2.2 billion, which is $97.9 million, or 4.3 percent, below estimate.
More from the Revenue Department:
Other General Fund revenue figures for the month included $59.1 million in inheritance tax, $3.4 million below estimate, bringing the year-to-date total to $181.6 million, which is $6.1 million below estimate.Click on the link below to view the full September report:
Realty transfer tax was $23.5 million for September, $1.5 million below estimate, bringing the total to $82.2 million for the year, which is $3.7 million less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage and liquor taxes totaled $85.4 million for the month, $7.2 million below estimate and bringing the year-to-date total to $259.4 million, which is $1.2 million above estimate.
Non-tax revenue totaled $9.8 million for the month, $3.7 million below estimate, bringing the year-to-date total to $52.1 million, which is $10.8 million above estimate.
Revenue Department Releases September Collections
Originally posted at TONY PHYRILLAS