State revenues exceed projections by $569M through April
HARRISBURG, Pa. (AP) -- Pennsylvania is getting some good state budget news.
The Revenue Department reported Friday that April revenues exceeded projections by $201 million, or about 5 percent. That pushes the surplus for the first nine months of the fiscal year to $569 million.
It's also about 7 percent more than tax collections a year ago.
Most major tax lines are outstripping estimates for the month and for the year. The biggest gain was a one-time bump in non-tax revenues in April resulting mainly from a change in unclaimed property rules. Corporate income-tax revenues are down for the month, but nearly 4 percent above estimates for the year.
Democratic Gov. Tom Wolf is seeking to increase taxes to boost school funding, reduce property taxes and close a projected budget gap.