Pennsylvania Ends Fiscal Year with $785 Million Surplus

Pennsylvania ended the 2010-11 fiscal year with a $785 million revenue surplus, thanks to better-than-expected collections in most major tax categories. Receipts came in nearly 3% above estimate.

The Pennsylvania Budget and Policy Center has a table tracking monthly revenue collections for the 2010-11 fiscal year at our web site.

The table below also sums up revenue collections by major tax item for the fiscal year.

2010-11 Revenue Collections by Major Item
(in $ thousands)


Actual Estimate Over/(Under) %
Sales Tax $8,590,210 $8,337,300 $252,910 3.0%
Personal Income Tax 10,435,707 10,124,500 311,207 3.1%
Corporate Taxes 4,892,014 4,646,600 245,414 5.3%
Inheritance Tax 805,229 770,900 34,329 4.5%
Realty Transfer Tax 279,184 318,600 (39,416) -12.4%
Other Taxes: Cigarette, Malt Beverage, Liquor & Table Games 1,458,311 1,488,400 (30,089) -2.0%
Non-Tax Revenue 1,036,530 1,025,400 11,130 1.1%
Total General Fund $27,497,185 $26,711,700 $785,485 2.9%

Pennsylvania's revenue growth in 2010-11 demonstrates that the state's economy is on the mend following the Great Recession. Comparing collections from the just-completed fiscal year to collections in the 2009-10 fiscal year shows just how much the state's revenue situation has improved.

Revenue Growth After the Recession

Unfortunately, the state budget enacted last week includes deep cuts to schools, human services and health care that could set back our economic recovery.

Comments

1 comments posted

So what exactly are these

So what exactly are these funds being held for? It's a shame that HSDF, HAP, Higher Ed and multiple basic ed programs experienced cuts when this money is just sitting around. Has the Corbett administration said publicly what their plans are for all of this extra money?

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