News

Surplus builds in PA, but smaller than hoped

Written by The Associated Press | May 1, 2013 3:59 PM
Harrisburg-capitol-building-2.jpg

(Harrisburg) -- State tax collections are running a surplus, but not as big as Governor Corbett had hoped.

April revenue figures released today mean Corbett's budget plan for the year beginning July 1 is out of balance by as much as $165 million.

Lawmakers say April collections added $31.6 million to the fiscal year's surplus. That boosts it to $67.1 million with just two months left in the fiscal year.

But Corbett's $28.4 billion budget plan for the 2013-14 fiscal year relies on a $232 million surplus to balance. The governor's budget would boost spending by nearly three percent while increasing support for public schools by $90 million, cutting business taxes by more than $330 million and counting on the Legislature to adopt long-term changes to public pensions.

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