Supreme Court gives lawmakers another 120 days to fix Gaming Act’s local share assessment

Supreme Court gives lawmakers another 120 days to fix Gaming Act’s local share assessment

With the expiration of the initial 120-day deadline set for this Thursday, the Pennsylvania Supreme Court on Friday—in response to an emergency petition for deadline extension filed by the leaders of two Senate caucuses—granted the legislature an addition 120 days to find a fix.

 

The extension allows the current assessment on casinos that is sent to host municipalities to keep flowing until just before the Memorial Day holiday.

Monday, January 23, 2017/Author: Jason Gottesman
Categories: News and Views
Continuing a trend, December’s General Fund revenue comes in under estimate

Continuing a trend, December’s General Fund revenue comes in under estimate

The turn of the calendar year marked the halfway point of the state’s fiscal year and, on Tuesday, state agencies watching Pennsylvania’s revenue stream relayed that December’s General Fund revenue collections came in under estimate, with year-to-date revenues still falling short of expected amounts and December’s collections below that brought in during the same period last year.

Wednesday, January 4, 2017/Author: Jason Gottesman
Categories: News and Views
November General Fund revenue lags behind estimates

November General Fund revenue lags behind estimates

The Department of Revenue and Independent Fiscal Office released revenue figures for November General Fund collections, with the department noting that revenue sources from every major category came in underestimate for the penultimate month in calendar year 2016.

 

November’s numbers signify the fourth out of five months in the current fiscal year where overall revenue collections have come in under estimate.

Friday, December 2, 2016/Author: Jason Gottesman
Categories: News and Views
Monthly revenue numbers finally exceed estimate, but still lag in year-to-date collections

Monthly revenue numbers finally exceed estimate, but still lag in year-to-date collections

With the turning over of a new month, the Pennsylvania Department of Revenue released its monthly revenue figures for October, noting revenue exceeded estimates by $36.1 million.

 

Collections in October were largely driven by corporate tax collections, which were nearly $32 million over estimate. While the sales tax collections also exceeded expectations, collections for the personal income tax fell short of their estimated amount.

Wednesday, November 2, 2016/Author: Jason Gottesman
Categories: News and Views
Revenue collections continue to fall short of estimates

Revenue collections continue to fall short of estimates

September’s General Fund revenue numbers were announced Monday and the third month of the fiscal year once again saw incoming dollars to the state’s largest bank account fall short of estimated figures.

 

While the Independent Fiscal Office noted collections of $2.63 billion decreased by $106.5 million over the same period in the prior fiscal year, fiscal year to date revenues of $6.61 billion are $121 million below the same three-month window in FY 2015-2016.

 

Additionally, revenue estimates released by the Department of Revenue Monday show that the numbers coming in during September continue the current fiscal year’s trend of revenues falling short of estimates.

Tuesday, October 4, 2016/Author: Jason Gottesman
Categories: News and Views
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