Pennsylvania comes up short on August revenue collections
The state said Tuesday it was about $2 million short on general fund revenue collection for August and is also below estimates for collections in the fiscal year so far.
Pennsylvania Department of Revenue Secretary Daniel Meuser said it collected $1.8 billion in revenue for the month, but that was about $2 million short of what it anticipated.
That’s about a 0.1 percent shortfall, the same rate the state says it’s under collections for the year. So far in the state’s fiscal year, which started July 1, general fund collections are at $3.7 billion, about $2.3 million below estimate.
Sales tax receipts were one of the lone bright spots in August, with $761.4 million collected — $21.5 million more than expected. It has been collected at 1.4 percent more than estimated this fiscal year.
However, collection on personal income tax (0.4 percent below on the fiscal year), corporation tax (1.4 percent below), inheritance tax (2.1 percent below) and realty transfer tax (0.1 percent below) are all under the predicted collection rate for the year. Collection was also down on each category in August.
Other general fund revenue, like cigarette, malt beverage, liquor and table game taxes, was slightly above estimate for both August ($130.7 million collected) and the year-to-date ($232.8 collected).
Nontax revenue was down almost half for August — $16.6 million collected, $13.6 million below estimate — and is now down about 32.5 percent for the fiscal year.
The motor license fund, which includes gas and diesel taxes, is 2.7 percent below estimates for the first two months of the fiscal year. It has collected $420.7 million so far.