State Revenues Come in Below Estimates in May

Overall General Fund revenue collections in Pennsylvania were lower than anticipated in May according to the Pennsylvania Department of Revenue.   The state collected 1-point-9 billion dollars in General Fund revenue last month, 2-point-3 percent less than expected.

It follows two months of stronger than expected revenues in March and April.  The state Senate’s proposed budget restores some funding cuts Governor Corbett had proposed in February, based in part on the better collections those months.

Sales tax receipts, personal income and corporate tax revenues were all down for the month of May.  However, other General Fund tax revenue collections, including cigarette, malt beverage, liquor and table game taxes, were 7-point-9 million above projections at 131-point-5 million for the month.

So far with one month left in this fiscal year, collections total 24-point-9 billion,  1-point-3 percent or 332.9 million dollars below estimate.

Back in February, the governor’s office projected the state would end the fiscal year $719-million dollars below estimate.