A Titanic Pa. Budget Problem And Iceberg Looms

With the April take in hand, Pennsylvania’s General Fund revenues are $1.1 billion below estimate for the 2009-10 fiscal year, according to the state’s Department of Revenue.

The fiscal year ends June 30.

Secretary of Revenue C. Daniel Hassell said the state collected $2.9 billion in General Fund revenue in April, which was $390 million,or 11.8 percent, less than anticipated.

April, of course, is a major tax collection month.

Gov. Ed Rendell, in February, forecast a $525 million shortfall come FY end. Looks like some serious wishful thinking.

For those who think the problem is low taxes — LOL — Pennsylvania tax take in 2002, which was the year before Rendell took office, was $22 billion compared to $30 billion last year.

With two months remaining this year’s revenue is $22.8 billion.

Hat tips to CommonwealthFoundation.org and PaIndependent.Com

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