You know that feeling when you discover cash you forgot about, or thought you lost in the pocket of your jeans, well, that’s the best collective way to describe how much revenue is coming into Pennsylvania.
Collections are up, up so much, Governor Ed Rendell says it will add up to more than pocket change, in fact, it could provide a moment of relief heading into the next fiscal year.
According to figures from the Department of Revenue(July 1 through December 1) collections are $191.2 million or 1.7 percent above anticipated revenue, Rendell says the state could wind up the year in the black by as much as $125 million.
What else it adds up to is that the economy is showing signs of life in Pennsylvania.
“Today’s revenue update comes on the heels of last month’s job figures, when our unemployment rate dropped by two-tenths of a percentage point bringing us to 8.6 percent unemployment in November -marking four consecutive months of lower unemployment,” said Rendell.
Tax revenues are up in the all the key sectors including corporate, sales, and personal income.
However, back to the stark reality of the next fiscal budget: $177 million is like a mosquito bite on the hind leg of an elephant with Pennsylvania facing a budget shortfall of as much as $5 billion.
What to know more about the numbers or revenue collection in general, than follow Rock The Capital right this way.
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