Pennsylvania Ended Fiscal Year With $1.1 Billion Deficit

Pennsylvania ended FY 2016-17 with a $1.1 billion deficit, after revenue collections in June were $11.2 million, or 0.3 percent, more than anticipated, according to the Department of Revenue Monday.

Fiscal year 2016-17 General Fund collections total $31.7 billion, which is $1.1 billion, or 3.4 percent, below estimate.

Sales tax receipts totaled $993.7 million for June, $3.5 million below estimate. Year-to-date sales tax collections total $10 billion, which is $199.3 million, or 2 percent, less than anticipated.

Personal income tax (PIT) revenue in June was $1.2 billion, $24.9 million below estimate. This brings year-to-date PIT collections to $12.7 billion, which is $387.6 million, or 3 percent, below estimate.

June corporation tax revenue of $648.7 million was $104.7 million above estimate. Year-to-date corporation tax collections total $4.8 billion, which is $340.3 million, or 6.6 percent, below estimate.

Inheritance tax revenue for the month was $122.7 million, $2.8 million above estimate, bringing the year-to-date total to $977.9 million, which is $22.4 million, or 2.2 percent, below estimate.

Realty transfer tax revenue was $53.8 million for June, $8.7 million below estimate, bringing the fiscal-year total to $478 million, which is $76.5 million, or 13.8 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, other tobacco products, malt beverage, liquor and table games taxes, totaled $186.9 million for the month, $3.9 million above estimate and bringing the year-to-date total to $1.8 billion, which is $11.5 million, or 0.6 percent, below estimate.

Non-tax revenue totaled $37.8 million for the month, $63.1 million below estimate, bringing the year-to-date total to $916.7 million, which is $69.1 million, or 7 percent, below estimate.

In addition to the General Fund collections, the Motor License Fund received $257.3 million for the month, $12.3 million above estimate. Fiscal year-to-date collections for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – total $2.8 billion, which is $7.5 million, or 0.3 percent, above estimate.