PA budget debt tops $374 million

Pennsylvania collected $2.1 billion in General Fund revenue in January, which was $120.2 million, or 5.4 percent, less than anticipated, Acting Secretary of Revenue C. Daniel Hassell announced Monday.

Fiscal year-to-date General Fund collections total $14.5 billion, which is $374.4 million, or 2.5 percent, below estimate, according to Hassell.

The 2009-10 fiscal year began July 1, 2009, but the state Legislature was 101 days late in approving the spending plan.

Pennsylvania has posted deficits for six consecutive months and will finish the fiscal year on June 30, 2010, at least $500 million to $1 billion in the red.

While that's a lot better than the 2009-09 fiscal year, in which the state finished $3.25 billion in the hole, it still shows the fiscal irresponsibility of Gov. Ed Rendell and the current leadership of the Pennsylvania Legislature.

From the Pennsylvania Department of Revenue

Sales tax receipts totaled $790.5 million for January, $49.5 million below estimate. Year-to-date sales tax collections total $4.8 billion, which is $230.7 million, or 4.6 percent, less than anticipated.

Personal income tax (PIT) revenue in January was $1 billion, $51.7 million below estimate. This brings year-to-date PIT collections to $5.3 billion, which is $163.4 million, or 3 percent, below estimate.

January corporation tax revenue of $101 million was $3.2 million below estimate. Year-to-date corporation tax collections total $1.2 billion, which is $4.1 million, or 0.3 percent, below estimate.

Other General Fund revenue figures for the month included $50.4 million in inheritance tax, $9.9 million below estimate, bringing the year-to-date total to $425.7 million, which is $3.3 million below estimate.

Realty transfer tax was $16.6 million for January, $6.6 million below estimate, bringing the total to $178.3 million for the year, which is $3.3 million more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage and liquor taxes totaled $100.1 million for the month, $2.1 million above estimate and bringing the year-to-date total to $694.8 million, which is $32.3 million above estimate.

For more revenue figures, follow the link below:

Revenue Department Releases January Collections