Revenue Collections End Year Up Almost 3% Over Estimates
Pennsylvania ended the fiscal year in the plus column. Revenues for June were 8.3 percent, or $246.1 million above estimates.
The Pennsylvania Department of Revenue says the numbers were boosted by higher collections for sales, personal income, corporation and inheritance taxes. They offset declines in realty transfer and other general fund taxes, such as cigarettes, malt beverage, liquor and table games.
Sales tax receipts were $72.2 million above estimate in June and 3% or $252.9 million more than anticipated for the fiscal year.
The Personal Income Tax revenue was $115.5 million above estimate for June and 3.1 percent or $311.2 million above estimate for the fiscal year.
Corporation Tax Revenue was $32.3 above estimate for June and $245.4 million or 5.3 percent above estimate for the fiscal year.
Inheritance Taxes brought in $9.2 million more than expected for June, bringing the fiscal year 4.5 percent or $34.3 million ahead of estimates.
However, the Realty Transfer Tax was $1.7 million below estimate for June, lagging by 12.4 percent or 39.4 million below estimates for the fiscal year.
Other General Fund tax revenue brought in $6.9 million less than estimated for June and were off 2 percent for the fiscal year, $30.1 million less than expected.
For the fiscal year 2010-11, General Fund collections exceeded estimates by 2.9 percent or $785.5 million.
Non-tax revenue ended the year 1.1 percent, or $11.2 million, above estimate.
Motor License Fund collections for the year were 8.5 percent, or $197.6 million, above estimate. Those revenues include gas and diesel taxes along with license, fine and revenue fees.
