As budget deadline nears, a lot remains up in the air

As budget deadline nears, a lot remains up in the air

It’s just about ten days until the traditional budget deadline of June 30/July 1 and as things look on Tuesday, a lot remains on the table to be agreed to.

Tuesday, June 20, 2017/Author: Jason Gottesman
Categories: News and Views
May revenues rosier, but the devil is in the details

May revenues rosier, but the devil is in the details

As expected, General Fund revenues for May 2017 exceeded estimate—by quite a large margin—but as the figures released Thursday revealed: the devil is in the details.

 

Overall, General Fund revenues for the month of May exceeded estimates by $98.5 million, nearly four percent, according to Department of Revenue numbers.

Friday, June 2, 2017/Author: Jason Gottesman
Categories: News and Views
PA tax amnesty program nears deadline

PA tax amnesty program nears deadline

Pennsylvania’s tax amnesty program is nearing its end, the Pennsylvania Department of Revenue said this week.

The amnesty program, articulated in Act 84 of 2016, allows delinquent taxpayers an amnesty period of April 21, 2017, to June 19, 2017, to pay past owed state taxes with half of the interest and waived penalties. 

Wednesday, May 31, 2017/Author: Kyle Maguire
Categories: News and Views
Revenue outlook might signal mayday for PA budget crafters

Revenue outlook might signal mayday for PA budget crafters

The first week of May saw worse news after bad for Pennsylvania’s General Fund revenue collections that could potentially lead to a larger-than-anticipated budget deficit for the coming fiscal year.

 

Monday, the state Department of Revenue reported fiscal-year-to-date revenues are currently $1.2 billion behind estimate after April’s collections were released and the Independent Fiscal Office on Tuesday signaled weak economic growth in Pennsylvania, coupled with a potential shift in the realization of income into next year, has caused a downward revision in their revenue estimates for the current and coming fiscal years.

Tuesday, May 2, 2017/Author: Jason Gottesman
Categories: News and Views
April revenue report continues fiscal-year-long slide

April revenue report continues fiscal-year-long slide

Normally one of the strongest months for revenue collections, April’s report from the Department of Revenue showed the Commonwealth once again failed to meet revenue collection estimates, this time falling more than $500 million below estimate.

 

For the fiscal-year-to-date, state General Fund revenue collections are more than $1.2 billion short of estimates.

Monday, May 1, 2017/Author: Jason Gottesman
Categories: News and Views
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