Pennsylvania Revenue Collections Remain On Target
HARRISBURG (CBS) – The final numbers are in for March, and Pennsylvania’s revenue collections remain on target for the fiscal year that ends June 30th.
Pennsylvania general fund revenue collections were $10.5 million or a fraction of one percent, less than projected for the month of March. Earlier this week, Budget Secretary Charles Zogby indicated to state lawmakers that he would wait to see next month’s numbers for the Personal Income Tax, or PIT, before reassessing the administration’s projection of a $78 million dollar positive balance at the end of the fiscal year.
“As you know, PIT annual withholding is a big number that we’re going to see in April. We’ve seen some softness in those estimates throughout the fiscal year, and so I think I want to wait for that.”
Despite the fact revenues in the current fiscal year are slightly ahead of projections, Governor Corbett and state lawmakers are trying to balance a budget with a projected deficit of more than $4 billion dollars in the fiscal year that begins July 1st.
Reported by Tony Romeo, KYW Harrisburg bureau chief