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Monday, March 02, 2009

Pennsylvania Revenue Short Grows to $1.2 billion - Already Largest in PA History

The Pennsylvania Department of Revenue released the February revenue collections showing state General Fund revenues are $1.27 billion short for the fiscal year to date.  Governor Rendell estimated that the fiscal year shortfall would reach $2.3 billion

The February collections were $197 million below projections, more than double the $79 million shortfall the administration estimated in December (based on a $1.6 billion shortfall for the year) This indicates a shortfall of $2.3 billion or more is likely.

This shortfall exceeds the entire twelve-month shortfalls for fiscal years 1990-91, 2001-02 and 2002-03, respectively - budget cycles that resulted in tax increases (including the two largest tax increases in Pennsylvania history).

Check back for more tomorrow.

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