Pa. ends fiscal year 3% above revenue projection
HARRISBURG — Pennsylvania’s tax collections are starting the 2011-12 fiscal year with a full head of steam.
The state Department of Revenue said Friday that tax collections finished in June exceeded expectations, leaving the state with $785 million, or nearly 3 percent more than it expected in the just-ended fiscal year.
The state budget office now expects to collect $27.85 billion in revenue in the just-begun 2011-12 fiscal year, or slightly more than 1 percent above the $27.5 billion in revenue in the just-ended year. Some of that money is given back to taxpayers in the form of refunds.
Gov. Tom Corbett’s budget secretary has said he believes the budget uses about $200 million of the surplus money, while Senate Democrats say they believe about $250 million of the surplus money is being used.
