News

Pennsylvania state tax collections lag 3% in first quarter

Written by The Associated Press | Oct 5, 2016 11:07 AM
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(Harrisburg) -- The state government's finances are seeing more warning signs.

The Department of Revenue says first quarter tax collections ran three percent below estimate, or $218 million behind. 

It says it's not sure why revenues are lagging and that it is concerned about the magnitude of the shortfall.

However, the department also says it's still early in the 2016-17 fiscal year that began July 1 and notes September's sales and use tax collections were 4.6 percent above the same month last year. 

It says that suggests shortfalls won't continue throughout the remainder of the fiscal year. 

In the meantime, Democratic Governor Tom Wolf's administration has borrowed $1.6 billion from the state treasury to keep the government's main bank account from going below zero.
 

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