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NOVEMBER 2023 Highlights Total General Fund tax revenues were $118.6 million, or 3.9%, above the monthly estimate. Total General Fund revenue collections for the first four months of the fiscal year are short of estimate by $47.5 million, or 0.4%. Personal income tax exceeded estimate for the month of October by $35.6 million, or 2.8%, but remains below estimate on the fiscal year by $77 million, or 1.5%. Consumer spending remains stagnant, as sales and use tax collections failed to meet estimate for the fourth consecutive month in the fiscal year. [Read More]
September 2023 Highlights General Fund revenue collections of $2.9 billion in August were below the monthly estimate by $27.1 million, or 0.9%. For the 2023-24 Fiscal Year to date, total General Fund revenues are $27.2 million, or 0.5%, lower than the Official Revenue Estimate through the month of August. New collective bargaining agreements with the […] [Read More]
August 2023 Highlights Total General Fund revenues were $185.3 million, or 6.9%, higher than last year at this time. General Fund tax revenue was $129.1 million, or 4.9%, more than last year. Corporate net income tax collections were $31.3 million, or 20.8%, higher than July 2022 collections. Fiscal Year 2023-24 Revenues Off to a Good […] [Read More]
The Highlights General Fund tax revenues were $90.7 million lower than the monthly estimate in May, the third time in the past five months that tax revenues have failed to meet projections. For the 2022-23 Fiscal Year, Personal Income Tax collections are nearly $400 million below projections. The non-partisan Independent Fiscal Office is projecting General […] [Read More]
The Highlights Tax revenues in April were $15.3 million below estimate, indicating a potential moderation of state revenues. Personal income tax collections were $322 million below estimate – 10% lower than projected. For the 2022-23 Fiscal Year, revenue collections remain $1.2 billion higher than estimates, driven largely by corporation taxes that are nearly 19% above […] [Read More]
The committee reviews all legislation for its fiscal impact and plays a crucial role in negotiating and developing the state budget. Each year, the panel holds a series of public hearings with leaders of state departments and agencies to study the governor’s budget proposal and ensure taxpayer dollars are being utilized properly.
Senate Box 203013
Main Capitol 281
Harrisburg, PA 17120-3013
Toll Free: 1-800-235-1313