Revenue Tracker: March Collections Better Than Expected

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April 4, 2011

Revenue collections in March came in better than legislative budget analysts expected. While total receipts came up $10.5 million short of estimate for the month, the fiscal-year-to-date surplus remains at $232.7 million, or 1.2%.

Personal income and sales tax collections came in above estimate, while corporate taxes trailed projections. (Check back Tuesday for our full analysis of the March revenue numbers.)

The report is good news for the state's revenue situation. March and April are typically the biggest revenue months for the fiscal year.

Commonwealth of Pennsylvania General Fund Revenue, Fiscal Year 2010-11
(in $ thousands)
Preliminary Estimate to Actual, Fiscal Year 2010-11
  Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Total
Estimate $1,694,300 $1,799,300 $2,245,400 $1,813,600  $1,596,200 $2,114,400  $2,170,100 $1,551,200 $3,988,100 $18,972,600
Actual $1,693,246 1,806,356 2,315,225 1,756,272 1,592,039 2,291,268  2,242,883 1,530,390 3,977,600 $19,205,279
Monthly Difference ($1,054) 7,056 69,825 (57,328) (4,161) 176,868 72,783 (20,810) (10,500)
Cumulative Difference ($1,054) 6,002 75,827 18,499 14,338 191,206 263,989 243,179 232,679
Fiscal Year-to-Date Percent Difference from Estimate 1.2%
 
Comparison to Fiscal Year 2009-10
  July August September October November December January February March Total
Actual FY 2009-10 $1,650,885 $1,605,503 $2,050,364 $3,519,063* $1,596,919 $1,983,510 $2,121,856 $1,489,643 $3,904,042  $19,921,785
Actual FY 2010-11 $1,693,246 1,806,356 2,315,225 1,756,272 1,592,039 2,291,268 2,242,883 1,530,390 3,977,600  $19,205,279
Monthly Difference $42,361 200,853 264,861 (1,762,791) (4,880) 307,758 121,027 40,747 73,558
Cumulative Difference $42,361 243,214 508,075 (1,254,716) (1,259,596) (951,838) (830,811) (790,064) (716,506)
Fiscal Year-to-Date Percent Difference from 2009-10 -3.6%
* The 2009-10 budget was enacted in October 2009 and included $1.8 billion in one-time transfers to the General Fund.