Pa. general fund revenues below budget for first quarter
A state Independent Fiscal Office report shows general fund collections are off in the first quarter of 2014.
General fund revenues were approximately $134 million below estimate for the period ending March 31. Corporate net income tax revenues were $89 million above estimate, while sales-and-use tax and personal income tax revenues were below estimate by $107 million and $71 million, respectively.
All other general fund revenues were below estimate by $45 million combined.
For the fiscal year, general fund revenues were $199 million below estimate. Corporate net income tax revenues were $122 million above estimate, but sales-and-use tax and personal income tax revenues were below estimate by $154 million and $97 million, respectively.
In other departments, the Motor License Fund reported $623 million in revenue during the first quarter of 2014, $36 million above estimate.
The Liquid Fuels Taxes generated $330 million for the quarter and $942 million for the fiscal year. These collections were above estimate by $55 million and $34 million, respectively.
Lottery fund gross ticket sales and miscellaneous revenue came to $930 million for the quarter, $23 million below estimate. For the fiscal year, lottery revenue of $3.02 billion was $35 million below estimate.
According to its mission statement, the State Independent Fiscal Office "provides revenue projections for use in the state budget process along with impartial and timely analysis of fiscal, economic and budgetary issues to assist commonwealth residents and the General Assembly in their evaluation of policy decisions."