State gets good budget news
HARRISBURG — Pennsylvania's state government is reporting good news on the revenue front for the first time in more than two years.
Gov. Ed Rendell announced today that general fund collections came in nearly $70 million above expectations for September. That beat projections by 3.1 percent.
The increase was largely driven by corporation tax revenues that were $53 million ahead of schedule.
Three months into the fiscal year, Pennsylvania's overall general fund revenue is running $76 million above projections.
Sales and personal income tax collections beat targets last month, while inheritance and realty transfer tax collections fell short.
Rendell says the last time the state beat expectations for a three-month period was the first three months of 2008. In between, the state has run multibillion-dollar deficits driven by the recession.