With four months to go in the current fiscal year, Pennsylvania has already spent $1.3 billion more than it has taken in.The fiscal hole Gov. Ed Rendell and the Pennsylvania Legislature started digging last July keeps getting deeper.
Pennsylvania collected $1.5 billion in General Fund revenue in February, $196.8 million, or 11.6 percent, less than anticipated, according to the Department of Revenue.
Fiscal year-to-date General Fund collections total $14.8 billion, which is $1.3 billion, or 7.9 percent, below estimate, says Acting Revenue Secretary Stephen H. Stetler.
The numbers are down across the board:
* Sales tax receipts totaled $561.2 million for February, $60.9 million below estimate. Year-to-date sales tax collections total $5.6 billion, which is $299.4 million, or 5.1 percent, less than anticipated.The Department of Revenue report is full of gloomy statistics:
* Personal income tax (PIT) revenue in February was $742.7 million, $40.8 million below estimate. This brings year-to-date PIT collections to $6.4 billion, which is $316.7 million, or 4.7 percent, below estimate.
* February corporation tax revenue of $62.9 million was $21 million below estimate. Year-to-date corporation tax collections total $1.5 billion, which is $173.9 million, or 10.2 percent, below estimate.
* Other General Fund revenue figures for the month included $53 million in inheritance tax, $17.5 million below estimate, bringing the year-to-date total to $502.9 million, which is $64.4 million below estimate.
* Realty transfer tax was $12 million for February, $11.5 million below estimate, bringing the total to $212.9 million for the year, which is $66.3 million less than anticipated.
* Other General Fund tax revenue including cigarette, malt beverage and liquor taxes totaled $76.4 million for the month, $4.3 million below estimate, bringing the year-to-date total to $683.8 million, which is $25.2 million below estimate.
* Non-tax revenue totaled -- $5.8 million for the month, $40.8 million below estimate, bringing the year-to-date total to -- $90.6 million, which is $327.1 million below estimate.
* In addition to the General Fund collections, the Motor License Fund received $146.6 million for the month, $22.5 million below estimate. Fiscal year-to-date collections for the fund total $1.7 billion, which is $95 million, or 5.3 percent, below estimate.The current fiscal year ends June 30 and Rendell has predicted the deficit will grow to $2.3 billion by then.
* The Gaming Fund received $49.1 million in unrestricted revenues for February. Fiscal year-to-date collections for the fund total $379.2 million. Gaming Fund receipts include taxes, fees and interest. Of the total for the month, $48.9 million was collected in state taxes for property tax relief, bringing the year-to-date total to $377.6 million.
* Other gaming-related revenues collected for February included $5.7 million for the Local Share Assessment, for a net total of $43.5 million for the year; $7.2 million for the Economic Development and Tourism Fund, for a year-to-date total of $55.5 million; and $17.2 million for the Race Horse Development Fund, bringing the total for the year to $133.3 million.
Originally posted at TONY PHYRILLAS
