HARRISBURG (CBS) – Governor Rendell says state revenue collections continue to run close to estimates, as the state’s economy added jobs for the third consecutive month.
Pennsylvania added 5,100 non-farm jobs in November, as the state’s unemployment rate dropped two-tenths of a percent, to 8.6 percent.READ MORE: Course Changes, New Finish Line Announced For 2021 Blue Cross Broad Street Run
Meanwhile, Governor Rendell says revenue collections at the mid-point of the fiscal year remain steady. He says sales tax and corporate tax revenues are up, but PIT (personal income tax) revenues are stagnant. “Our estimate is conservative. There’s a chance that the PIT will not come in as badly as we hoped.”READ MORE: 27-Year-Old Killed In Grays Ferry Shooting, Police Say
But for now, the governor says the state is on track to end the current fiscal year with a deficit of $63 million, an amount he says would have been covered by a tax on natural gas extraction that lawmakers failed to approve. But that’s chump change compared to the multi-billion dollar hole anticipated in next year’s budget due largely to increasing costs and the loss of federal stimulus dollars.MORE NEWS: Ida Cleanup At Schuylkill River Postponed Due To Weather
Reported by Tony Romeo, KYW Newsradio