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 $4,000,000,000 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 $1,500,000,000 All Other Taxes All Other Taxes $1,000,000,000 $773.1 Million $748.3 Million $500,000,000 Non-Tax Revenue Non-Tax Revenue $0 $15.8 Million $18.7 Million House Republican Appropriations Committee (717) 787-1711 www.PABudget.com 245 Main Capitol
"December 2010 Economic Brief"