Better fiscal times continue for Pennsylvania
The state Capitol building in Harrisburg. (Tom Downing/WITF)
(Harrisburg) — Better fiscal times are continuing for Pennsylvania, as the state reports stronger-than-expected tax collections amid the best stretch of collections in at least a decade.
The state Department of Revenue said Wednesday it has collected $828 million, or 3 percent, above expectations through 10 months of the fiscal year.
It has collected a total of $29.2 billion through 10 months, a bump of 7 percent in tax revenue over this point last year.
Much of the extra cash, however, could be absorbed by unbudgeted costs in the current fiscal year.
In February, Gov. Tom Wolf proposed a $34.1 billion spending plan for the fiscal year beginning this July 1. Including nearly $500 million for the current fiscal year, Wolf is asking lawmakers for $1.9 billion in new spending, or nearly 6 percent of this year’s enacted budget of $32.7 billion.