fbpx

Tag: general fund

Pennsylvania’s General Fund revenue shows pluses, minuses in collections

Pennsylvania’s General Fund revenue in January was less than expected, but the good news is the state’s fiscal year-to-date General Fund collections are above estimate. 

Acting Revenue Secretary Pat Browne reported Thursday that Pennsylvania in January collected $3.6 billion in General Fund revenue, a total that was $205.6 million below what was anticipated. Browne also reported that the fiscal year-to-date collections totaling $23.3 billion are $297.5 million more than estimated. 

Sales tax receipts were higher than anticipated in both January and in fiscal year-to-date figures. January saw sales tax receipts reach $1.3 billion, $11.6 million over estimate.  Fiscal year-to-date sales tax collections climbed to $8.4 billion, $146.4 million more than expected. 

Revenue for personal income tax (PIT) was below expectations in January and for year-to-date (YTD). PIT for January was $1.3billion, $243.7 million below expectations, while PIT for YTD was $9.2 billion, $216.6 million lower than anticipated. 

Corporation tax revenue for January reached $223.4 million, $13.8 million more than expected, and YTD’s corporation tax total $3 billion also exceeds expectations, $342.4 million above estimate. 

January’s inheritance tax revenue was $125.9 million, $4 million above estimate, while YTD is $851.6 million, which is $12.3 million, below estimate. 

Realty transfer tax revenue was down for both the month and YTD. Its January total of $55.5 million is $17.1 million below estimate, bringing the fiscal-year total to $407.4 million, which is $43.8 million less than anticipated. 

Additional General Fund tax revenue, which includes cigarette, malt beverage, liquor, and gaming taxes, totaled $129.0 million for January, $0.2 million above estimate. The YTD total is $1.1 billion, which is $32.3 million, below expectations. 

January’s non-tax revenue totaled $37.9 million, $25.7 million above estimate, and it brings the YTD total to $384.6 million, which is $113.7 million above estimate. 

Along with General Fund collections, the Motor License Fund received $222.2 million for the month, which stands $2.1 million below estimate. Fiscal YTD collections for the fund – which include gas and diesel taxes, as well as other license, fine and fee revenues – total $1.6 billion, which is $22.8 million more than expected.

Pa. closes 2022 with strong December revenue, budget surplus

Pennsylvania collected $4 billion in General Fund Revenue in December 2022, which was $319.9 million more than anticipated, Gov. Tom Wolf and the Department of Revenue announced Tuesday. 

Collections for the fiscal year-to-date General Fund total $19.7 billion, $503.1 million above the estimate. 

Wolf said in a statement that Pennsylvania is in a strong fiscal position heading into 2023. “Year to date, we are 2.6 percent above our estimated revenue collections, which means we have $503.1 million in the bank above and beyond what we expected. That’s money that can be used to better support the people of Pennsylvania in the coming year, and I look forward to seeing what the new administration and the General Assembly will accomplish on behalf of Pennsylvanians.” 

Pennsylvania was operating with a $2-3 billion budget deficit when Wolf took office eight years ago, and the Rainy Day Fund was just $231,800. Pennsylvania ended the most recent fiscal year with $5.537 billion in the General Fund, and an investment of more than $5 billion in the Rainy Day Fund. 

Revenue Secretary Dan Hassell noted it was only a couple years ago that Pennsylvania was dealing with a $3.2 billion shortfall at the end of the 2019-20 fiscal year. “Fortunately, we are facing a much different situation today — and that is very much a testament to the strong fiscal management of Gov. Wolf. Pennsylvanians should be encouraged that we are on such solid financial footing as the Governor closes out his term.” 

Wolf said the goal of his administration has been to build a strong foundation for Pennsylvania so that government can invest in the things that improves the lives of Pennsylvanians, including an historic $3.7 billion investment in education. 

“The strong fiscal foundation that my administration has built will empower the next administration and the General Assembly to continue making life-changing investments in the people of Pennsylvania in the years to come.” 

Most of the surplus in December is attributable to personal income tax revenue that was deposited on the first day of the month, rather than on the last day of November, as initially expected. Sales tax receipts totaled $1.2 billion for December, which was $2.3 million below estimate. Year-to-date sales tax collections total $7.1 billion, $134.8 million more than anticipated. 

Personal income tax (PIT) revenue in December was $1.4 billion, $204.9 million above estimate. This brings year-to-date PIT collections to $7.5 billion, which is $27.1 million above estimate. 

December corporation tax revenue of $1 billion was $116.3 million above estimate. Year-to-date corporation tax collections total $2.7 billion, $328.7 million above estimate. 

Inheritance tax revenue for the month was $138.0 million, $6.1 million above estimate, bringing the year-to-date total to $725.7 million, $16.3 million below estimate. Realty transfer tax revenue was $55.8 million for December, $23.3 million below estimate, bringing the fiscal-year total to $351.9 million, $26.7 million less than anticipated. 

Other General Fund tax revenue, including cigarette, malt beverage, liquor, and gaming taxes, totaled $174.2 million for the month, $5.1 million below estimate and bringing the year-to-date total to $939.6 million, $32.5 million below estimate. Non-tax revenue totaled $55.5 million for the month, $23.3 million above estimate, bringing the year-to-date total to $346.7 million, $88 million, above estimate. 

In addition to the General Fund collections, the Motor License Fund received $203.0 million for the month, $8.2 million above estimate. Fiscal year-to-date collections for the fund – which include gas and diesel taxes, as well as other license, fine and fee revenues – total $1.4 billion, $25 million above estimate.

State revenue in October exceeds expectations by 6.4%

Last month, Pennsylvania collected $3.1 billion in general fund revenue, 6.4% more than anticipated, the Department of Revenue reported.

Fiscal year-to-date general fund collections are $12.9 billion, or 3.1% above estimate.

Among the highlights for October:

· Sales tax receipts were $1.3 billion, or $94.2 million above estimate. Year-to-date sales tax collections total $4.8 billion, or 2.9 percent more than anticipated.

· Personal income tax revenue was $1.3 billion, or $68.7 million above estimate. Year-to-date collections total $5.0 billion, which is $0.5 million more than expected.

· Corporation tax revenue of $183.4 million was $17.4 million above estimate. Year-to-date collections come to $1.5 billion, or 16.1 percent more than anticipated.

· Inheritance tax revenue was $123.3 million, or $2.1 million below estimate. The year-to-date total of $478.4 million is 2.1 percent under estimate.

· Realty transfer tax revenue reached $64.3 million, $0.7 million below estimate, bringing the fiscal-year total to $250 million. That cumulative amount is 5.2 percent more than anticipated.

Other general fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, generated $156.8 million for the month, $2.1 million below estimate. The year-to-date total of $598.2 million is 1.7 percent less than anticipated.

Non-tax revenue totaled $45.4 million for October, $13.5 million above estimate, bringing the year-to-date total to $155.2 million, which is 35.9 percent more than expected.

In addition to general fund collections, the Motor License Fund received $217.6 million in October. Fiscal year-to-date collections for the fund – which include gas and diesel taxes and other license, fine and fee revenues – are $951.1 million, 0.9 percent above estimate.

Paula Wolf is a freelance writer

Through May, state’s general fund revenue sets record pace

With the May totals now in, Pennsylvania has collected a record $43.9 billion in general fund revenue for the first 11 months of the current fiscal year, Gov. Tom Wolf announced
Wednesday.

The $3.2 billion in general fund revenue that came into the state’s coffers last month was $402.4 million, or 14.2%, over estimate. Year-to-date general fund collections are 12.5% above
estimate.

Here are more May numbers from the release:

• Sales tax receipts were $1.2 billion, or $129.1 million above estimate.

• Personal income tax revenue was $1.1 billion, or $126.9 million more than expected.

• The corporation tax revenue totaled $510.9 million, or $129.5 million more than
anticipated.

• Inheritance tax revenue was $132.3 million, or $15.6 million above estimate.

• Realty transfer tax revenue was $69.3 million, or $13.9 million more than expected.

• Other general fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $176.3 million, or $3.1 million less than anticipated.
• Non-tax revenue was $29.7 million, or $9.4 million below estimate.

Outside general fund collections, motor license fund collections – which include gas and diesel taxes, as well as other license, fine and fee revenues – were $301.1 million in May, or $10.7
million more than expected.

Also, the state’s rainy day fund, a separate account to protect Pennsylvania against emergencies, now contains a record $2.8 billion.

“We have the money in the bank to pay for the historic investment I want to make in K-12 education, as well as the corporate net income tax cut and reforms I have proposed to bolster
Pennsylvania businesses, and still have $1.8 billion left over,” Wolf said in the release. “At a time when Pennsylvanians are hurting and state government is not, there is no excuse not to
use this huge pot of money to improve education, lower costs for taxpayers, and build a stronger economy.”

Paula Wolf is a freelance writer.

[class^="wpforms-"]
[class^="wpforms-"]