November 2010 Economic Brief by pahousegop


									                                              House Republican Appropria�ons Commi�ee

                                         Economic Brief
                                                    Rep. Bill Adolph, Republican Chairman                       November 2010

                     October Revenues Fall Short of Projections by $57 Million;
                         Year-to-Date Collections Remain Above Estimate
  Following consecu�ve months of above-es�mate collec�ons,
October revenues fell short of projec�ons by $57.3 Million. The
monthly shortage brings the state’s year-to-date General Fund
revenue total to $7.57 Billion, which is $18.5 Million ahead of

  The October decline was driven primarily by below-es�mate
collec�ons in the state’s Personal Income Tax (PIT), which came in
$43.7 Million short. Thus far this year, the PIT has remained sluggish,
as it is currently $55.3 Million short of es�mate. Given the fact that
the PIT is the single-largest revenue genera�ng tax in the General
Fund, shor�alls have a significant impact on the state’s overall                   EMPLOYMENT STATISTICS
financial picture.                                                                            September 2010    Monthly Change
                                                                          Labor Force        6.365 Million     +1,000
  Corpora�on Taxes and the Sales and Use Tax saw revenue
collec�ons exceed es�mate for the month and both are showing              Unemployment Rate 9.0%                -0.2
year-to-date overages of $62.4 Million and $44.5 Million,
respec�vely.                                                              Total Employment   5.794 Million     +16,000

 Included among the other collec�ons that fell short of es�mate           12-Month Growth
during October were Non-Tax Revenue, Table Games Revenue and              Total Employment   -51,000
the Realty Transfer Tax.
                                                                          Unemployment Rate +0.4

                  General Fund Revenue                                             REVENUE COLLECTIONS
                                                                                Estimate                     Actual
                 Actual Collections
                                                                          Corpora�on Taxes          Corpora�on Taxes
                 Estimated Collections

                                                                          $119.3 Million            $130.8 Million

                                                                          Consump�on Taxes          Consump�on Taxes

$2,000,000,000                                                            $831.4 Million            $833.5 Million

$1,500,000,000                                                            All Other Taxes           All Other Taxes
                                                                          $837.2 Million            $779.5 Million
                                                                          Non-Tax Revenue           Non-Tax Revenue
                                                                          $25.7 Million             $12.6 Million

                                         House Republican Appropriations Committee
(717) 787-1711                                                                245 Main Capitol

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