Pa. Tax Revenue Continues To Climb Higher
HARRISBURG, Pa. (CBS) - Pennsylvania revenue collections once again came in above estimates for the month of May, as lawmakers prepare to focus on a new budget, due by the end of June.
Pennsylvania revenue collections for May were almost $34-million, or just shy of 2%, above projections. That brings the total amount above projections for 11 months of the current fiscal year to more than $539-million.
Despite that surplus in the current fiscal year, the state – due in part to the loss of federal stimulus dollars – faces a major deficit in the next fiscal year. And, while the May revenue figures aren't likely to be much of a game changer, House Democrats immediately pounced on them as more evidence that the surplus should be used to mitigate major cuts proposed in the new budget.
The House, controlled by Republicans, last week passed a budget bill that does not spend the surplus, a position favored by Governor Corbett. Senate Republicans, however, favor spending at least some of the surplus if it is prudent.
Reported by Harrisburg Bureau Chief Tony Romeo, KYW Newsradio 1060
