www.revenue.state.pa.us Direct address changes, requests for inclusion on the mailing list, and any other inquiries to the Pennsylvania Department of Revenue, Bureau of Research I 1147 Strawberry Square I Harrisburg, PA 17128–1100 I 717.787.6300 I FAX 717.787.6738. Page 1 Edward G. Rendell, Governor C. Daniel Hassell, Acting Secretary of Revenue IN THIS ISSUE: Monthly Revenue Report March 2010 GENERAL FUND Page 1 MOTOR LICENSE AND GAMING FUNDS Page 2 REVENUE RECEIPTS FOR SELECTED SPECIAL FUNDS Page 2 REFUNDS OF TAXES Page 2 KEY ECONOMIC INDICATORS Page 3 GENERAL FUND GROWTH Page 4 GENERAL FUND COMPARISON OF ACTUAL TO ESTIMATE MARCH 2010 Page 5 MOTOR LICENSE FUND GROWTH Page 6 MOTOR LICENSE FUND COMPARISON OF ACTUAL TO ESTIMATE MARCH 2010 Page 6 GENERAL FUND General Fund collections of $3,904.0 million for the month of March were $243.0 million, or 5.9%, below the official estimate. Fiscal year 2009-10 collections of $19,921.8 million were below the official estimate by $719.6 million, or 3.5%. • Total Corporation Tax collections of $2,257.0 million for the month of March were $264.2 million, or 10.5%, below the official estimate. Year-to-date collections are $283.3 mil- lion, or 7.5%, below estimate. • Sales and Use Tax (SUT) collections of $569.0 million were $50.9 million, or 8.2%, below estimate. Year-to-date col- lections are $316.2 million, or 5.1%, below estimate. • Total Personal Income Tax (PIT) collections of $811.9 mil- lion for the month of March were $57.7 million, or 7.7%, above estimate. Year-to-date collections are $135.9 million, or 2.0%, below the official estimate. • Realty Transfer Tax (RTT) revenues of $20.8 million were $2.2 million, or 11.9%, above estimate. Year-to-date col- lections are $4.0 million, or 1.9%, above estimate. • Inheritance Tax revenues of $68.2 million were $5.1 mil- lion, or 7.0%, below estimate. Year-to-date collections are $13.0 million, or 2.3%, below estimate. • Other tax revenue including Cigarette, Malt Beverage, Liquor, and other miscellaneous tax collections totaled $115.7 million for the month of March. • Nontax revenue collections for the month of March were above the official estimate by $8.2 million. Year-to-date col- lections are $7.3 million below the official estimate.
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Monthly Revenue Report - March 2010 and... · 2014-07-14 · Page 2 Edward G. Rendell, Governor C. Daniel Hassell, Acting Secretary of Revenue Motor License Fund collections of $204.6
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www.revenue.state.pa.us
Direct address changes, requests for inclusion on the mailing list, and any other inquiries to the Pennsylvania Department of Revenue,
Bureau of Research I 1147 Strawberry Square I Harrisburg, PA 17128–1100 I 717.787.6300 I FAX 717.787.6738.
Page 1
Edward G. Rendell, Governor C. Daniel Hassell, Acting Secretary of Revenue
IN THIS ISSUE:
Monthly Revenue ReportMarch 2010
GENERAL FUND Page 1
MOTOR LICENSE ANDGAMING FUNDS Page 2
REVENUE RECEIPTS FORSELECTED SPECIAL FUNDS Page 2
REFUNDS OF TAXES Page 2
KEY ECONOMIC INDICATORS Page 3
GENERAL FUND GROWTH Page 4
GENERAL FUND COMPARISONOF ACTUAL TO ESTIMATEMARCH 2010 Page 5
MOTOR LICENSEFUND GROWTH Page 6
MOTOR LICENSE FUNDCOMPARISON OF ACTUAL TOESTIMATE MARCH 2010 Page 6
GENERAL FUND
General Fund collections of $3,904.0 million for themonth of March were $243.0 million, or 5.9%, below theofficial estimate. Fiscal year 2009-10 collections of$19,921.8 million were below the official estimate by$719.6 million, or 3.5%.
• Total Corporation Tax collections of $2,257.0 million for themonth of March were $264.2 million, or 10.5%, below theofficial estimate. Year-to-date collections are $283.3 mil-lion, or 7.5%, below estimate.
• Sales and Use Tax (SUT) collections of $569.0 million were$50.9 million, or 8.2%, below estimate. Year-to-date col-lections are $316.2 million, or 5.1%, below estimate.
• Total Personal Income Tax (PIT) collections of $811.9 mil-lion for the month of March were $57.7 million, or 7.7%,above estimate. Year-to-date collections are $135.9 million,or 2.0%, below the official estimate.
• Realty Transfer Tax (RTT) revenues of $20.8 million were$2.2 million, or 11.9%, above estimate. Year-to-date col-lections are $4.0 million, or 1.9%, above estimate.
• Inheritance Tax revenues of $68.2 million were $5.1 mil-lion, or 7.0%, below estimate. Year-to-date collections are$13.0 million, or 2.3%, below estimate.
• Other tax revenue including Cigarette, Malt Beverage,Liquor, and other miscellaneous tax collections totaled$115.7 million for the month of March.
• Nontax revenue collections for the month of March wereabove the official estimate by $8.2 million. Year-to-date col-lections are $7.3 million below the official estimate.
www.revenue.state.pa.us
Page 2
Edward G. Rendell, Governor C. Daniel Hassell, Acting Secretary of Revenue
Motor License Fund collections of $204.6 million in March were $13.8 million, or 7.3%, abovethe official estimate. Fiscal year 2009-10 collections of $1,929.6 million were $10.4 million,or 0.5%, below the official estimate.
The State Gaming Fund collected $74.5 million in March. Fiscal year-to-date collections forthe fund total $540.6 million.
REVENUE RECEIPTS FOR SELECTED SPECIAL FUNDS($ thousands)
March March March YTD YTD YTD
FUND NAME 2010 2009 2008 2009-10 2008-09 2007-08
Lottery 1
Public Transportation Assistance
Game Commission
Fish
Racing
Banking
Fire Insurance
Municipal Pension
Highway/Bridge 2
State Gaming
Economic Development & Tourism1 Excludes field paid prizes, commissions, and expenses. 2 Restricted receipts account within the Motor License Fund.
MOTOR LICENSE AND GAMING FUNDS
REFUNDS OF TAXES 1
($ thousands)
March March March YTD YTD YTD
2010 2009 2008 2009-10 2008-09 2007-08
General Fund:
Corporation Taxes
Sales and Use Tax
Employer Tax
Personal Income Tax
Miscellaneous
Motor License Fund:1 Refund numbers reflect amounts recorded by the Department of Revenue in the executive authorizations for refunds.
Edward G. Rendell, Governor C. Daniel Hassell, Acting Secretary of Revenue
Personal Income
490
495
500
505
08Q4
09Q1
09Q2
09Q3
09Q4
$ B
illi
on
s
4-week Moving Average of Initial Claims for Unemployment Compensation
01020304050
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09
Feb-10
Th
ou
san
ds
Northeast Consumer Price Index
221224227230233
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09
Feb-10
Ind
ex
Unemployment Rate
45678910
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09
Feb-10
Per
cen
t
New Housing Permits
0.0
1.0
2.0
3.0
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09
Feb-10
Th
ou
san
ds
Electricity Price
910111213
Dec-08
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09C
ents
per
Kil
ow
atth
ou
r
US Corporate Profits
1.01.11.21.31.41.5
08Q4
09Q1
09Q2
09Q3
09Q4
$ T
rill
ion
s
Employment - Total
5.45.55.65.75.8
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09
Feb-10
Mil
lio
ns
Data Source:Personal Income and US Corporate Profits: US Bureau of Economic AnalysisEmployment, Unemployment, Consumer Price Index: Bureau of Labor StatisticsHousing Permits: US Census BureauElectricity: Energy Information AdministrationInitial Claims: PA Department of Labor and Industry
Notes:Data is seasonally adjusted, except for Initial Claims, Housing Permits, Consumer Price Index, and Electricity.All data is Pennsylvania specific, except for Consumer Price Index, which is for PA, NJ, NY, CT, RI, MA, VT, NH,and ME, and Corporate Profits, which is for the US.
KEY ECONOMIC INDICATORS
www.revenue.state.pa.us
Page 4
Edward G. Rendell, Governor C. Daniel Hassell, Acting Secretary of Revenue