With one month to go in the current fiscal year, Pennsylvania's General Fund budget is $2.8 billion in the red.The Pennsylvania Department of Revenue released the May tax revenue numbers today and the state's bottom line is not looking so good.
Pennsylvania collected $1.6 billion in General Fund revenue in May, which was $287.5 million, or 15.1 percent, less than anticipated, according to Revenue Secretary Stephen H. Stetler. Fiscal year-to-date General Fund collections total $23.3 billion, which is $2.8 billion, or 10.9 percent, below estimate, Stetler reported.
Gov. Ed Rendell, who signed the deficit budget last July knowing it would never come close to balancing, now projects a deficit of $3.2 billion by the end of the current fiscal year on June 30.
Here's the blow-by-blow breakdown from the Revenue Department:
Sales tax receipts totaled $607.4 million for May, $106.4 million below estimate. Sales tax collections, year-to-date, total $7.5 billion, which is $527.7 million, or 6.6 percent, less than anticipated.Originally posted at TONY PHYRILLAS
Personal income tax (PIT) revenue in May was $721.4 million, $55.7 million below estimate. This brings year-to-date PIT collections to $9.4 billion, which is $1.1 billion, or 10.4 percent, below estimate.
May corporation tax revenue of $81.6 million was $38.8 million below estimate. Year-to-date corporation tax collections total $4.4 billion, which is $531.4 million, or 10.7 percent, below estimate.
Other General Fund revenue figures for the month included $65.3 million in inheritance tax, $10.8 million below estimate, bringing the year-to-date total to $704.5 million, which is $94.4 million below estimate.
Realty transfer tax was $18.6 million for May, $12.2 million below estimate, bringing the total to $267.3 million for the year, which is $105.2 million less than anticipated.
Other General Fund tax revenue including cigarette, malt beverage and liquor taxes totaled $83.3 million for the month, $10.4 million below estimate, bringing the year-to-date total to $958.2 million, which is $21.2 million below estimate.
Non-tax revenue totaled $35.7 million for the month, $53.1 million below estimate, bringing the year-to-date total to $79.1 million, which is $475.7 million below estimate.
In addition to the General Fund collections, the Motor License Fund received $186.3 million for the month, $31.7 million below estimate. Fiscal year-to-date collections for the fund total $2.4 billion, which is $137.2 million, or 5.4 percent, below estimate.
The Gaming Fund received $55 million in unrestricted revenues for May. Fiscal year-to-date collections for the fund total $539.6 million. Gaming Fund receipts include taxes, fees and interest. Of the total for the month, $54.9 million was collected in state taxes for property tax relief, bringing the year-to-date total to $540 million.
Other gaming-related revenues collected for May included $6.5 million for the Local Share Assessment, for a net total of $59.3 million for the year; $8.1 million for the Economic Development and Tourism Fund, for a year-to-date total of $79.4 million; and $19.4 million for the Race Horse Development Fund, bringing the total for the year to $190.6 million.
