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Tag: taxes

Pa. Revenue Fund more than $140m less than expected

Pennsylvania’s September collection and fiscal year-to-date for General Fund revenue are both less than expected, Revenue Secretary Pat Browne said. 

Revenue of $4.1 billion was $140.2 million less than anticipated. Fiscal year-to-date General Fund collections of $9.8 billion are also below estimate, this by $167.4 million. 

The state’s sales tax receipts for September totaled $1.1 billion, which was $43.1 million below expectations. Year-to-date sales tax collections total $3.6 billion, which is $96.2 million less than expected. 

September’s personal income tax (PIT) revenue was $1.5 billion, or $89.5 million below anticipations. Year-to-date PIT collections are $3.8 billion, which is below estimate by $112.7 million. 

Corporation tax revenue for the month was $999.8 million, $1.9 million less than expected. Year-to-date corporation tax collections total $1.3 billion, which is $32.6 million above expectations. 

Inheritance tax revenue for September was $110.2 million, $4.1 million below estimate. The year-to-date total is $366.8 million, $3.5 million above estimate. 

The month’s realty transfer tax revenue was $45.9 million, $4.6 million less than anticipated. The fiscal-year total is $107.6 million, $15.5 million less than expected. 

Other General Fund tax revenue, including cigarette, malt beverage, liquor, and gaming taxes, totaled $151.4 million for September, $16.9 million below estimate. It brings the year-to-date total to $393.7 million, $25.8 million less than expected. 

September’s non-tax revenue totaled $77.3 million, $20.0 million above estimate. The year-to-date total is $262.5 million, which is $46.7 million above estimate. 

The Motor License Fund received $257.6 million for the month, $4.2 million more than anticipated. Fiscal year-to-date collections for the fund – which include the gas and diesel taxes, as well as other license, fine and fee revenues – total $812.5 million, which is $6 million less than expected.

Pa. General Fund revenue for August below expectations

Pennsylvania’s General Fund revenue collection in August was below estimate. 

Revenue Secretary Pat Browne reported that the state collected $2.9 billion, a total that was $27.1 million below estimate. Fiscal year-to-date General Fund collections total $5.8 billion, which is $27.2 million less than anticipated. 

August’s sales tax receipts were $1.3 billion, $53.1 million less than expected. Sales tax collections for the year total $2.5 billion, $53.1 million below estimate. 

Personal income tax (PIT) revenue for the month was $1.2 billion, $23.3 million below estimate. PI year-to-date collections are $2.2 billion, which is $23.2 million less than anticipated.

Corporation tax revenue for August was $138.6 million, $34.6 million above estimate. Year-to-date corporation tax collections total $326.8 million, $34.5 million more than anticipated.

August’s inheritance tax revenue was $128.7 million, which was $7.6 million more than expected, and brings the year-to-date total to $256.6 million, which is $7.6 million above estimate.

The month’s realty transfer tax revenue was $60.6 million, $10.9 million less than anticipated. It brings the fiscal-year total to $61.7 million, $10.9 million, below estimate.

August’s other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $149.9 million, $8.9 million below estimate. The year-to-date total is $242.4 million, $8.8 million below estimate.

Non-tax revenue for August totaled $86.5 million, $26.8 million more than anticipated, bringing the year-to-date total to $185.2 million, which is $26.7 million above estimate. 

Along with General Fund collections, the Motor License Fund was $8.6 million below estimate at $282.9 million for the month. Fiscal year-to-date collections for the fund, including gas and diesel taxes together with other license, fine and fee revenues, were $554.9 million, $10.2 million less than anticipated.

State Gaming Board reports June revenue increase

The combined total revenue generated from all forms of gaming, along with fantasy contests, during June 2023 was $440,491,675, an increase of 13% over revenue generated in June 2022, the Pennsylvania Gaming Control Board reported Tuesday. 

The Pennsylvania Gaming Control Board (PGCB) regulates gaming revenue that includes slot machines, table games, internet gaming, sports wagering, fantasy contests and video gaming terminals (VGTs). This June, total tax revenue generated collectively through all forms of gaming and fantasy contests was $183,786,565. 

Slot Machine Revenue revenue reached $201,549,571, a 4.43% increase in revenue over the $192,999,137 generated in June 2022. The number of slot machines in operation in June 2023 was 25,348, less than the 25,823 at the casinos one year ago. June 2023 tax revenue from the play of slots machines was $102,188,623. 

Revenue from Retail Table Games for June 2023 was $76,204,262, an increase of 0.11% from the June 2022 total of $76,122,937. Total tax revenue from table games play during June 2023 was $12,426,840. 

Internet Casino-Type Gaming (iGaming) Revenue Casino games increased 31.59% and offered online generated gross revenue of $135,436,692 during June 2023 compared to $102,923,741 a year ago. Internet gaming play during June 2023 generated tax revenue of $58,978,095. 

The total sports wagering handle decreased, the amount of $373,171,415 being 5.16% below the June 2022 total of $393,494,222. The taxable revenue figure for June 2023 was $23,060,076, which was 80.59% higher than the June 2022 taxable revenue of $12,769,552. Tax revenue generated from sports wagering during June 2023 was $8,301,627. 

VGTs total adjusted revenue for June 2023 was $3,392,483, a decrease of 3.26% lower than the June 2022 amount of $3,506,902. By the end of June 2023, VGT Terminal Operators were operating the maximum permitted five machines at 69 qualified truck stop establishments, compared to five machines at 64 establishments at this time last year. The June 2023 tax revenue collected from the play of VGTs was $1,764,091. 

Revenue generated from Fantasy Contests was $848,591 in June 2023, a drop of 43.65% from the $1,505,963 generated in June 2022. Tax revenue from the play of Fantasy Contests in June 2023 was $127,289.

Cumberland remains Pa.’s fastest growing county

Cumberland County is maintaining its status as Pennsylvania’s fastest growing county. 

The U.S . Census Bureau’s recently released 2022 population estimates and a report published by the Pennsylvania State Data Center reveals that from 2020-22 Cumberland County has grown by 3.5%. The county’s population has increased over the past two years by more than 9,115 people and according to the latest census data it is estimated at 268,579. 

“Cumberland County continues to be one of the best counties to live and work,” said Kirk Stoner, Director of Planning. “We have strong economic growth, a great balance between this growth and the preservation of prime farmland and other natural resources. 

Several features combine to make Cumberland County a hub for growth: 

  • A 3.3% unemployment rate. 
  • One of the lowest county taxes of any county in the south-central region. 
  • The seventh highest median household income in the state. 
  • Financial stability of county government, which retains an AAA bond rating, the best possible. 
  • The eighth highest college graduation rate in the state. 
  • Partnerships with county school districts, healthcare facilities, and manufacturing industries to coordinate workforce development programs through the Cumberland Area Economic Development Corporation. 
  • Partnerships with the local military installations to expand impacts. 
  • Over 200 miles of trails, including the Appalachian Trail and Cumberland Valley Rail Trail. 
  • Approximately 54,000 acres of parks and natural areas, including world-class fly-fishing. 
  • More than 22,500 acres of preserved farmland. 

“Contemporary land-use planning techniques like mixed-uses or higher-density developments all make sense, and all give us a better capacity for growth while protecting the quality of life that we currently have,” said Stoner.

Can Keystone Saves bill rescue Pa. from fiscal cliff?

Financial security in retirement is important for all Pennsylvania taxpayers, and especially for Pennsylvanians aged 65 and older. But what happens when residents do not have enough money for retirement? 

Such is the dilemma facing Pennsylvania as the state seeks to deal with a looming fiscal crisis – “a fiscal cliff,” Pennsylvania State Treasurer Stacy Garrity called it – created by insufficient retirement savings. 

An online seminar addressing the impact of insufficient retirement savings on Pennsylvania’s fiscal health was hosted recently by Garrity and John Scott, project director for retirement savings for The Pew Charitable Trusts. Information in the online seminar was based on analysis prepared for the Pew Charitable Trusts by Econsult Solutions, Inc. (ESI), an economic consulting firm. 

ESI provided a 2018 analysis of economic and fiscal impact of insufficient retirement savings in Pennsylvania from 2015 to 2030 for the Pennsylvania Treasury Retirement Savings Task Force. Subsequent analysis of county-level impacts was undertaken by ESI for Pew in 2020. ESI’s report updates findings of statewide impacts of insufficient savings to cover the period from 2020 to 2035. 

According to ESI’s findings, Pennsylvania’s elderly population is expected to grow by more than 550,000 in the next 15 years, increasing from 19% to 23% of PA’s population. The share of Pennsylvania households headed by an elderly resident is expected to increase from 30% in 2020 to 36% by 2035. Pennsylvania’s dependency ratio is also projected to increase from 43 households aged 65 and older for every 100 working-age households in 2020 to 56 households aged 65 and older in 2035. 

As working age households are major drivers of tax base, the change in ratio creates fiscal pressure. The reason being there will be fewer taxpaying households age 20-64 to support an elderly population that is projected to grow from 2.49 million in 2020 to 3.04 million in 2035. 

“There is a growing share of older people, older households in the Commonwealth, but the tax base that’s supporting a lot of the programs that support the elderly has not grown as quickly,” Scott said. “So that’s going to be placing more stress on taxpayers in Pennsylvania.” 

How much stress was revealed by Garrity, who noted that two million Pennsylvanians, approximately 44% of the state’s private-sector workforce, cannot save for retirement at work. The resultant cost to taxpayers, she said, is more than $1 billion annually. 

“I really want to emphasize this point,” Garrity said. “Pennsylvania taxpayers are footing a bill of more than $1 billion per year to account for unprepared retirees. That includes costs for social services and lost revenue.” 

Garrity added that research conducted by the Independent Fiscal Office confirms that Pennsylvania will reach a fiscal cliff by Fiscal Year 2025-26. 

“Common sense says we should prepare for it now,” said Garrity. “And here’s another fiscal challenge for Pennsylvania: The research we’re discussing shows the retirement savings crisis will cost Pennsylvania a total of $17.8 billion through 2035. So that’s the scope of the problem.” 

The problem having been defined, what’s the solution? Garrity and Scott said one way to address the retirement savings crisis is to implement a simple, business-friendly plan to help working Pennsylvanians save for retirement. Not a government handout, Garrity emphasized, but a program that makes it easy for people to save for retirement. 

“The goal,” she said, “is to make it easy for people to save their own money.” 

In December 2021, Garrity and Rep. Tracy Pennycuick (R-Berks/Montgomery) and then-Rep. Michael Driscoll (D-Philadelphia) announced the introduction of “Keystone Saves”, a retirement-savings program for Pennsylvanians who do not have access to retirement savings through their employer. 

As is the case with automated savings programs across the country, Keystone Saves would enroll employees automatically in a voluntary individual savings account (IRA) to which they can use direct deposit to make regular contributions. 

Estimated to help Pennsylvania reduce state spending by close to $1 billion annually, Keystone Saves is supported by The Pew Charitable Trusts, the Pennsylvania Institute of CPAs, the American Association of Retired Persons (AARP), the United Way of Pennsylvania, the Pennsylvania Health Care Association, the Pennsylvania Association of Sustainable Agriculture, and members of the state’s General Assembly. 

As many employers are unable to provide retirement savings due to administrative capacity and high startup costs, state automated savings programs are seen as a practical solution to provide savings opportunities to workers who lack them. 

Scott noted that 12 states in the U.S. have enacted legislation creating such programs, and programs in six states are operational. Participants in state-sponsored automated savings programs have an average annual savings of $1,500 to $2,000. 

“These programs are showing this can be done,” said Scott. “This is a very feasible and practical solution.” 

The Keystone Saves bill has received bipartisan support in the Pennsylvanian legislature but has yet to pass. As Gov. Josh Shapiro is a Democrat who stresses bipartisanship, the opportunity exists to work with Garrity, a Republican, to guide the bill through the legislature. 

“The time to solve this problem,” Garrity stated, “is now.”

Shapiro: $2,500 tax credit for new teachers, nurses, police officers

Last week, Gov. Josh Shapiro announced he will propose a three-year tax incentive of up to $2,500 a year for newly certified teachers, nurses and police officers in his upcoming Budget Address.

“Gov. Shapiro understands the critical workforce shortage the commonwealth faces and is committed to taking action to support workers and businesses,” a release said. Building an economy that works for everyone, ensuring that every Pennsylvania child receives a quality education, and making communities across the commonwealth safer are the top priorities that will be reflected in his March 7 address.

“I’ll be proposing a new $2,500 personal income tax credit to hire new cops, teachers and new nurses every year for at least the next three years,” Shapiro told KYW Newsradio and KDKA. “It’s going to help us put more teachers in the classroom, more nurses in the hospital, and more police officers and troopers in our communities.”

Shapiro previously shared that his upcoming budget proposal will include a 50% increase for the Manufacturing PA Innovation Program and a 25% increase in funding for computer science and STEM education through Pennsylvania’s PA Smart Program.

Paula Wolf is a freelance writer

Pa. closes 2022 with strong December revenue, budget surplus

Pennsylvania collected $4 billion in General Fund Revenue in December 2022, which was $319.9 million more than anticipated, Gov. Tom Wolf and the Department of Revenue announced Tuesday. 

Collections for the fiscal year-to-date General Fund total $19.7 billion, $503.1 million above the estimate. 

Wolf said in a statement that Pennsylvania is in a strong fiscal position heading into 2023. “Year to date, we are 2.6 percent above our estimated revenue collections, which means we have $503.1 million in the bank above and beyond what we expected. That’s money that can be used to better support the people of Pennsylvania in the coming year, and I look forward to seeing what the new administration and the General Assembly will accomplish on behalf of Pennsylvanians.” 

Pennsylvania was operating with a $2-3 billion budget deficit when Wolf took office eight years ago, and the Rainy Day Fund was just $231,800. Pennsylvania ended the most recent fiscal year with $5.537 billion in the General Fund, and an investment of more than $5 billion in the Rainy Day Fund. 

Revenue Secretary Dan Hassell noted it was only a couple years ago that Pennsylvania was dealing with a $3.2 billion shortfall at the end of the 2019-20 fiscal year. “Fortunately, we are facing a much different situation today — and that is very much a testament to the strong fiscal management of Gov. Wolf. Pennsylvanians should be encouraged that we are on such solid financial footing as the Governor closes out his term.” 

Wolf said the goal of his administration has been to build a strong foundation for Pennsylvania so that government can invest in the things that improves the lives of Pennsylvanians, including an historic $3.7 billion investment in education. 

“The strong fiscal foundation that my administration has built will empower the next administration and the General Assembly to continue making life-changing investments in the people of Pennsylvania in the years to come.” 

 

Most of the surplus in December is attributable to personal income tax revenue that was deposited on the first day of the month, rather than on the last day of November, as initially expected. Sales tax receipts totaled $1.2 billion for December, which was $2.3 million below estimate. Year-to-date sales tax collections total $7.1 billion, $134.8 million more than anticipated. 

 

Personal income tax (PIT) revenue in December was $1.4 billion, $204.9 million above estimate. This brings year-to-date PIT collections to $7.5 billion, which is $27.1 million above estimate. 

 

December corporation tax revenue of $1 billion was $116.3 million above estimate. Year-to-date corporation tax collections total $2.7 billion, $328.7 million above estimate. 

 

Inheritance tax revenue for the month was $138.0 million, $6.1 million above estimate, bringing the year-to-date total to $725.7 million, $16.3 million below estimate. Realty transfer tax revenue was $55.8 million for December, $23.3 million below estimate, bringing the fiscal-year total to $351.9 million, $26.7 million less than anticipated. 

 

Other General Fund tax revenue, including cigarette, malt beverage, liquor, and gaming taxes, totaled $174.2 million for the month, $5.1 million below estimate and bringing the year-to-date total to $939.6 million, $32.5 million below estimate. Non-tax revenue totaled $55.5 million for the month, $23.3 million above estimate, bringing the year-to-date total to $346.7 million, $88 million, above estimate. 

 

In addition to the General Fund collections, the Motor License Fund received $203.0 million for the month, $8.2 million above estimate. Fiscal year-to-date collections for the fund – which include gas and diesel taxes, as well as other license, fine and fee revenues – total $1.4 billion, $25 million above estimate.

New online system launches for Pa. business taxpayers

A new online system is now available to Pennsylvania business taxpayers to handle their registration, filing, and payment obligations for state taxes. Called myPath, the system serves as a one-stop shop for Pennsylvania taxpayers. 

Revenue Secretary Dan Hassell said myPath contributes to Gov. Tom Wolf’s goal of improving online services and providing Pennsylvania taxpayers with new tools to make their lives easier. 

“This system is already used to process personal income tax returns and payments, as well as rebates on property taxes and rent for older residents and Pennsylvanians with disabilities,” Hassell said in a statement. “It has been very well received by the public, so we are looking forward to expanding this resource for more people in the business community.” 

New taxes that can be managed on myPath include corporation taxes, employer withholding tax, and sales tax. These taxes provide revenue that constitutes a significant portion of the annual revenue collected and deposited into the state’s General Fund to pay for government operations and services for Pennsylvanians. 

The Department of Revenue has been working to launch a new system for customers to collect and remit taxes. As myPath is designed to work on computers, mobile phones, or tablets and is user friendly, customers can readily access their accounts. Business taxpayers are being asked by the Department of Revenue to register for a new account on myPath. Additional information can be found by visiting “How to Enroll for myPath” at revenue.pa.gov. 

Upon logging in with a new username and password, customers have the option to migrate their existing access from e-TIDES, the previous online system for business taxpayers, to myPath. To access their prior account information, customers can enter their existing e-TIDES username and password. The myPath system is also replacing the prior Pennsylvania Online Business Entity Registration (PA-100).

State revenue in October exceeds expectations by 6.4%

Last month, Pennsylvania collected $3.1 billion in general fund revenue, 6.4% more than anticipated, the Department of Revenue reported.

Fiscal year-to-date general fund collections are $12.9 billion, or 3.1% above estimate.

Among the highlights for October:

· Sales tax receipts were $1.3 billion, or $94.2 million above estimate. Year-to-date sales tax collections total $4.8 billion, or 2.9 percent more than anticipated.

· Personal income tax revenue was $1.3 billion, or $68.7 million above estimate. Year-to-date collections total $5.0 billion, which is $0.5 million more than expected.

· Corporation tax revenue of $183.4 million was $17.4 million above estimate. Year-to-date collections come to $1.5 billion, or 16.1 percent more than anticipated.

· Inheritance tax revenue was $123.3 million, or $2.1 million below estimate. The year-to-date total of $478.4 million is 2.1 percent under estimate.

· Realty transfer tax revenue reached $64.3 million, $0.7 million below estimate, bringing the fiscal-year total to $250 million. That cumulative amount is 5.2 percent more than anticipated.

Other general fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, generated $156.8 million for the month, $2.1 million below estimate. The year-to-date total of $598.2 million is 1.7 percent less than anticipated.

Non-tax revenue totaled $45.4 million for October, $13.5 million above estimate, bringing the year-to-date total to $155.2 million, which is 35.9 percent more than expected.

In addition to general fund collections, the Motor License Fund received $217.6 million in October. Fiscal year-to-date collections for the fund – which include gas and diesel taxes and other license, fine and fee revenues – are $951.1 million, 0.9 percent above estimate.

Paula Wolf is a freelance writer

Navigating a trough

Didn’t we expect that we would be here at some point?  

With inflation hovering stubbornly near 40-year highs, and with the Federal Reserve on its most aggressive rate increase schedule in recent memory (if ever), three of the major stock market indices have now officially closed in bear market territory. 

It’s easy to give in to the sense of hopelessness to which many investors succumb during periods of lackluster returns, but I would encourage you to look on the bright side.  

Pull the sheets down from your face, pop out of bed with a verve you haven’t shown since the early days of spring, and throw aside the sash to let the sunshine in. Openly scoff at your dour friends who pretend that the markets won’t come back one day and overwhelm their sullen spirits with the unbridled optimism of someone who knows better. 

While you remind yourself that this market rout will likely get worse, maybe drop a needle on that Beatles tune “Getting Better”, and consider the fact that there IS something that you might be able to do to better your financial situation…even in times like these. 

Plan Your Way Out 

When I tell you that I fully expect that the stock (and bond, for that matter) markets will recover, it isn’t with some wanton disregard for the current economic challenges the global economy faces.  

With domestic stock market history as our measuring stick, there has been no economic challenge from which our economy hasn’t recovered, and given that the New York Stock Exchange was founded way back in 1792, that puts my positivity well within “reasonable” territory. 

Sure, this could be the one time that the economy falters and fully fails, but given that economy isn’t in terrible shape these days (take a look at some of the raw economic data, already, and turn off the cable news), no economist or analyst that I rely on is suggesting that the end is nigh. 

This gives all of us the opportunity to take a deep breath, ride the markets where they take us, and effect change in your financial life where you can: by taking advantage of the planning opportunities a down market presents. 

Rebalance 

When stock markets plunge, bond markets tend not to, or at least, as is the case this year, they tend not to fall as quickly. The investment strategies investors often employ pair stocks and bonds in various measures in the portfolio to take advantage of this lesser correlation and the protection it can bring to a portfolio in a down market. 

If stocks have lost value and bonds haven’t, then your 60% stock and 40% bond portfolio might look a little off-kilter these days. The steeper the slide in stocks, and the lesser the correlation, the higher the likelihood that your 60/40 is now 50/50.  

In the hands of an adept financial planner, your portfolio will have withstood the market volatility to a degree that the investment balances can still serve your longer-term goals. Still, that planner will likely suggest a shift in the portfolio, if it doesn’t already occur automatically, to sell 10% of the total portfolio’s bond holdings and to buy 10% of the total portfolio’s stock holdings.  

Think about it: aren’t we always told to sell ‘high’ and buy ‘low’? 

If bonds have lost less and if stocks have lost more, then a reallocation to your appropriate risk level, assumed to be 60/40 for this illustration, gives you the benefit of buying stocks that have been devalued, giving you a greater number of shares in those holdings so that your portfolio can supersize its recovery if (but really, can’t we just agree that it is ‘when’?)  the recovery comes.  

ROTH to Death 

And how about that ROTH conversion your friends have been telling you about?  

Given the tax benefits of a ROTH IRA, namely the totally tax-free growth it affords you, most of us should at least consider the benefits of conversions at some point. 

When markets dip, the opportunity presents itself in down markets to convert a devalued Traditional IRA holding to a ROTH IRA, pay income taxes on the lesser conversion amount, and capture the growth of the eventual recovery in a totally tax-free, Required-Minimum-Distribution-free environment. 

Now consider the diminished tax impact of this move if you have already retired and you are receiving a lower income today then when you had been working. Maybe it’s not such a bad deal? 

And did I mention that the ROTH IRA can be an amazing tool for estate planning purposes as well? To repeat, no RMDs! 

Tax Loss Harvesting 

What better time to discuss harvesting than the fall?  

For those portfolios that have lost value in this downturn, if you have assets invested in devalued securities in a taxable account, this may be the year when you consider intentionally selling some holdings at a loss to offset any gains you had taken earlier in the year.  

Don’t assume that just because you are harvesting a loss you are unable to recapture gains in the market when they climb again. An investor might choose to sell one beverage company stock and buy another brand, thus continuing an investment in the industry while still realizing the loss embedded in the shares of the former company. 

Make the Most 

While there is a probability that we haven’t yet seen the worst the markets will throw at us during this economic cycle, there is a likelihood that you haven’t considered all of the planning opportunities downturns can present.  

Now is your chance to consider what you will do to make the most of this market rout. 

A headshot of Tony Conte, author of the storyAnthony M. Conte is managing partner at Conte Wealth Advisors based in Camp Hill. He can be reached at [email protected].  

Registered Representative Securities offered through Cambridge Investment Research Inc., a broker/dealer, member FINRA/SIPC. Investment Advisor Representative Cambridge Investment Research Advisors Inc., a Registered Investment Advisor. Cambridge and Conte Wealth Advisors LLC are not affiliated. 

 

State collects $2.9 million in general fund revenue for August

Pennsylvania collected $2.9 billion in general fund revenue last month, which was $63.8 million – or 2.3% – more than anticipated, the Department of Revenue reported Thursday.

Fiscal year to date, $5.6 billion has gone into general fund coffers. That’s $60.4 million, or 1.1%, above estimate.

More specifically:

· Sales tax receipts totaled $1.2 billion for August, $45.5 million above estimate. Year-to-date sales tax collections are $2.4 billion, which is 1.9% more than anticipated.

· Personal income tax revenue last month was $1.2 billion, $6.4 million below estimate. Year-to-date collections are 0.3 percent below estimate.

· August corporation tax revenue of $111.3 million was $1.8 million below estimate. Year-to-date corporation tax collections total $285.8 million, which is $5.1 million below estimate.

· Inheritance tax revenue last month was $116.7 million, or $3.3 million below estimate. Year to date, collections are $3.3 million below estimate.

· Realty transfer tax revenue was $88.8 million for August, $18.1 million above estimate, bringing the fiscal-year total to $123.2 million, which is 17.3% more than anticipated.

Other general fund tax revenue – including cigarette, malt beverage, liquor and gaming taxes – was $161 million for the month. That’s $6.3 million below estimate and brings the year-to-date total to $264.7 million, or 2.4% below estimate.

Non-tax revenue totaled $35 million for the month, or $18.1 million above estimate. The year-to-date total of $77.5 million is 30.5% more than expected.

Beyond general fund collections, the motor license fund collected $239.7 million in August, $25.3 million below estimate. Fiscal year-to-date revenues for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – are $480.6 million, or 4.9% below estimate.

Paula Wolf is a freelance writer