By Andrew Staub | PA Independent
With four months lefts in the fiscal year, Pennsylvania’s revenues still aren’t on pace with estimates.
Revenue Secretary Dan Meuser announced this week the state collected $1.6 billion in general fund revenue in February. That was $34.6 million less than anticipated, according to a news release. So far this fiscal year, total general fund collections of $16.3 billion are $75.5 million below estimate.
LOSING PRESSURE: Pennsylvania’s general fund revenues are still off pace after a weaker than expected February, the state reported this week.
According to the Department of Revenue:
- Revenue from sales tax receipts and the personal income tax, corporation tax, inheritance tax and realty transfer tax fell below estimate last month. Of those, only the year-to-date corporation tax revenue is above estimates.
- Vice taxes did better in February, with general fund tax revenue from cigarettes, malt beverages, liquor and table games hitting $105.6 million last month. While that was $1.5 million above the estimate for the month, year-to-date totals of $940.8 million are still $9.5 million below estimate.
- Non-tax revenue was up last month, and it’s year-to-date total of $175.8 million is 38.5 percent above estimate.
- Revenue for Pennsylvania’s Motor License Fund hit $208.5 million in February, $24.3 million above estimate. That revenue is also up $13.3 million fiscal year-to-date.
The latest revenue projections come just after the General Assembly wrapped up budget hearings on Gov. Tom Corbett’s 2014-15 spending plan. The fiscal year ends June 30.
Andrew Staub is a reporter for PA Independent and can be reached at Andrew@PAIndependent.com.Follow @PAIndependent on Twitter for more.