Modest Turnaround In Pennsylvania Revenue Collections
HARRISBURG (CBS) – Pennsylvania notched another month of better-than-expected revenue collections, according to Governor Ed Rendell.
Gov. Rendell says revenue collections in September were more than three-percent above projections after coming in about a half-percent above projections in August:
“To keep this in perspective, this is the first quarter of sustained revenue growth since the third quarter of the 2007-2008 fiscal year.”
For the first three months of the fiscal year, Pennsylvania general fund collections were almost $76 million dollars — or 1.3 percent above estimates.
And while personal income tax collections were down slightly, sales tax collections were two-percent above projections.
Despite the modest turnaround in revenue collections, the commonwealth and its new governor will still face a daunting budget process, with various factors including the loss of federal stimulus dollars, creating the prospect of a multi-billion dollar deficit.
Reported By: Tony Romeo, KYW Newsradio