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
|Personal Income Tax||10,435,707||10,124,500||311,207||3.1%|
|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%|
|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.
Unfortunately, the state budget enacted last week includes deep cuts to schools, human services and health care that could set back our economic recovery.