The PA Department of Revenue reported that it collected $1.7 billion in General Fund revenue in July, the first month of the 2011-12 fiscal year.
Missing in the statement containing the collection figure was a comparison of the numbers with the amount budget experts anticipated collecting. A spokesperson for Revenue said the month-by-month predictions will be calculated during August, and monthly collection reports through the remainder of the fiscal year will show how actual collections compare with anticipated collections.
“Anticipated numbers for the entire fiscal year have to be calculated in order to balance the budget,” said Elizabeth Brassell, Press Secretary for the Department. “But the month-by-month numbers are based on a number of factors including reports from economists, and what collections in other states look like. They also take into account Pennsylvania‟s big collection months, like March for corporate taxes and April for personal income taxes.”
For July, sales tax receipts totaled $743.8 million; personal income tax revenue was $663.9 million; and corporation tax revenue was $78 million for July.
General Fund revenue figures for July included $66.3 million in inheritance tax and $27.7 million in realty transfer tax.
Other General Fund revenue, including cigarette, malt beverage, liquor and table games taxes totaled $113.3 million for the month.
Non-tax revenue totaled $27.1 million for the month.
In addition to the General Fund collections, the Motor License Fund received $191.1 million for the month, which includes the commonly known gas and diesel taxes, as well as other license, fine and fee revenues.