December 2010 Economic Brief by pahousegop


									                                              House Republican Appropria�ons Commi�ee

                                         Economic Brief
                                                    Rep. Bill Adolph, Republican Chairman                      December 2010

 November Revenue Collections Fall Short of Estimate by Nearly $4.5 Million;
       Year-to-Date Collections Remain Above Official Projections
  The state’s General Fund revenue collec�ons for November 2010
fell short of the Department of Revenue’s official es�mate by nearly
$4.5 Million. Collec�ons for the month totaled $1.59 Billion.

  Five months into the 2010-11 fiscal year and the General Fund
con�nues to show collec�ons exceeding es�mate by $14 Million.
However, the state has yielded below-es�mate collec�ons in each of
the last two months.

 The most notable factor in the November shor�all was the state’s
Personal Income Tax (PIT) collec�ons, which came in $22.4 Million
below es�mate. Corpora�on Taxes also fell short of projec�ons by                 EMPLOYMENT STATISTICS
$6.6 Million.                                                                               October 2010      Monthly Change
                                                                         Labor Force        6.366 Million     +1,000
  Sales Tax collec�ons totaled $661.2 Million for the month, which
exceeded es�mate by $26.8 Million. Throughout the fiscal year, Sales      Unemployment Rate 8.8%                -0.2
Tax collec�ons have remained above es�mate, as the year-to-date
collec�ons are more than $71.3 Million ahead of projec�ons.              Total Employment   5.806 Million     +11,000

  Thus far through the 2010-11 fiscal year, total tax revenue coming      12-Month Growth
into the state is 4.1 Percent ahead of collec�ons marked at this �me     Total Employment   -33,000
last year.
                                                                         Unemployment Rate +0.2

                  General Fund Revenue                                            REVENUE COLLECTIONS
                                                                               Estimate                     Actual
                 Actual Collections
                                                                         Corpora�on Taxes         Corpora�on Taxes
$3,500,000,000   Estimated Collections

$3,000,000,000                                                           $54.9 Million             $48.3 Million

$2,500,000,000                                                           Consump�on Taxes         Consump�on Taxes

$2,000,000,000                                                           $752.4 Million            $776.4 Million

                                                                         All Other Taxes          All Other Taxes
                                                                         $773.1 Million            $748.3 Million
                                                                         Non-Tax Revenue          Non-Tax Revenue
                                                                         $15.8 Million             $18.7 Million

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

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