Rendell Sees Bright Spot in Pennsylvania Tax Revenues
Pennsylvania governor Ed Rendell says that for the first time in two years, state revenue collections are exceeding estimates.
KYW's Tony Romeo reports that after two years of deficits, Governor Rendell says revenue collections for the first two months of the new fiscal year are above projections. Not by much, but above nonetheless:
"You know, July and August are not huge revenue-producing months, so I want to wait a little bit before I declare victory. But it's certainly better than a negative sign. We're up 0.2 percent for the year. At this point we were down 1.9 percent for the first two months last year. So it's obviously a better sign than we've had."
For the month of August by itself, revenues were a bit more than $7 million, or 0.4 percent above what was expected. And while personal income tax collections were $12.3 million below, sales tax revenues were $34½ million above projections.
(File photo)
