On May 1, the Department of Revenue reported Pennsylvania collected $4.4 billion in General Fund revenue in April, which was $464.7 million, or 11.8 percent.
Fiscal year-to-date General Fund collections total $29.2 billion, which is $828.2 million, or 2.9 percent, above estimate.
Since the start of the 2018-19 fiscal year, overall tax revenue is $1.8 billion, or 6.9 percent, more than was collected in the same period of the last fiscal year.
Reaction
Senate Majority Leader Jake Corman (R-Centre) said, “Under Republican leadership, Pennsylvania has weathered a fiscal storm of recent years and we are now reaping the rewards of those efforts.
“Today, as we have revenue collections that are more than $800 million over estimate, we remain committed to maintain those fiscal policies that have gotten us to this point.
“Just because the economy is flourishing under Republican economic policies, we do not believe it gives us a blank check to spend taxpayer dollars carelessly. We remain steadfast in our commitment to fiscal restraint including holding the line on spending while fending off proposed tax increases.”
Sen. Pat Browne (R-Lehigh), Majority Chair of the Senate Appropriations Committee, said, “The Commonwealth’s current financial position is stronger than it’s been in a decade. Thanks in large part to years of financial discipline by the General Assembly along with improvements in the state’s economy, we are able to project, assuming historic spending trends, positive fiscal balance for the current and foreseeable future years.
“However, given the past challenges the state has faced and the potential for an economic downturn in the future, it is critical that we remain vigilant when setting a spending number this year and that we consider the financial disaster the Commonwealth would face if we deplete all of our reserves and actual revenues again fail to outperform projections.”
House Majority Leader Bryan Cutler (R-Lancaster) said, “Our commitment to opposing unfair and burdensome taxes on hard-working Pennsylvanians is proving to be the right move for our Commonwealth.
“These revenue numbers are just one part of the impact of fiscal responsibility and sound policymaking and that work continues today, as the House is working on additional government regulatory reforms that will allow every Pennsylvanian to grow their own version of the American dream.”
“Our caucus led the way on controlling the growth of state spending and standing up for taxpayers when the governor wanted to raise taxes,” said Rep. Stan Saylor (R-York), Majority Chairman of the House Appropriations Committee. “But just having more money doesn’t mean it’s time to spend it. It’s vital we continue to focus on controlling spending and creating a long-term surplus to protect taxpayers into the future.”
House Republicans also said their focus is in passing another fiscally responsible budget ahead of the June 30 deadline, while continuing work this month on “Government Done Right” initiatives. Lawmakers began moving bills this week to repeal out-of-date laws and reduce overregulation so every Pennsylvanian can benefit from an economy that continues to grow in the right direction.
Gov. Wolf’s Statement [NEW]
On May 3, the Governor's Office issued a statement on April revenues saying--
This week, the Department of Revenue Announced that April revenues exceeded estimate, continuing a trend that has occurred over the Fiscal Year. [Year-to-date revenues are now $828.2 million over estimates.]
With stronger revenue growth, Gov. Tom Wolf remained committed to work with legislative leaders to build up budget reserves, and expressed a willingness to discuss using all excess revenue to grow Pennsylvania's Rainy Day Fund, which is among the smallest in the country.
"Last year, we made the first Rainy Day Fund deposit in more than a decade, and with strong revenue growth, along with legislative leaders I remain committed to saving for our future," said Gov. Wolf. "After taking care of our mandatory expenses and investments in schools and other critical services, I believe we should even consider putting all surplus revenue in the Rainy Day Fund.
"We have the opportunity to protect the Commonwealth and taxpayers from future economic downturns and I look forward to engaging with the General Assembly on achieving this shared goal."
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