General Fund Revenue Report - November 2023
By Brittany Van Strien , Budget Analyst | one year ago
General Fund revenues in November were $46.4 million or 1.5% more than expected.
For the year-to-date, General Fund revenues are $1.1 million or 0.01% below estimate.
Corporate net income tax (CNIT) collections were $66.4 million or 35.2% higher than expected in November. For the fiscal year-to-date, CNIT is outperforming estimates by $123.2 million or 7.5%.
Non-tax revenue also finished the month higher than expected by $24.8 million or 16.8%. It should be noted that non-tax revenue collections this month were impacted by the first installment of the liquor store profit transfer being made by the Pennsylvania Liquor Control Board, totaling $100 million. This transfer was anticipated and therefore built into the November projections for non-tax revenue. The remainder of the profit transfer, expected to be $85.1 million, will be transferred to the General Fund later in the fiscal year.
Sales and use tax (SUT) revenue was $19.6 million or 1.7% lower than expected for the month. Collections from motor vehicle sales were $0.7 million or 0.7% higher than estimated, but collections from nonmotor vehicle sales were $20.3 million or 2.0% below estimate. For the year-to-date, SUT is $125.3 million or 2.0% under projections.
Similarly, personal income tax (PIT) revenue underperformed in November by $13.0 million or 1.1%. Although non-withholding payments were $8.7 million or 15.4% above estimate, withholding payments were $21.7 million or 1.9% less than projected. For the year-to-date, PIT is $90.1 million or 1.4% below estimate.
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2023/24 General Fund Revenues ($ in Millions)
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November 2023 Revenues
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Year-to-Date Revenues
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Month Estimate
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Month Revenues
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$ Difference
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% Difference
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YTD Estimate
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YTD Revenues
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$ Difference
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% Difference
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General Fund Total
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$3,015.0
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$3,061.4
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$46.4
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1.5%
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$16,146.4
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$16,145.3
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($1.1)
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-0.0%
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Tax Revenue
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$2,867.5
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$2,889.1
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$21.6
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0.8%
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$15,720.9
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$15,647.1
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($73.8)
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-0.5%
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Corporation Taxes:
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Corporate Net Income Tax
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$188.8
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$255.2
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$66.4
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35.2%
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$1,641.1
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$1,764.3
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$123.2
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7.5%
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Gross Receipts Tax
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$2.9
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$1.6
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($1.3)
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-44.9%
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$16.2
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$19.5
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$3.3
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20.6%
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Public Utility Realty Tax
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$0.0
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$0.1
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$0.1
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0.0%
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$1.2
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$2.3
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$1.1
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92.2%
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Insurance Premiums Taxes
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$0.1
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$0.6
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$0.5
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521.1%
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$1.5
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$6.9
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$5.4
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357.6%
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Financial Institution Taxes
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$1.4
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($0.1)
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($1.5)
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-106.0%
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$18.7
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$19.5
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$0.8
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4.3%
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Consumption Taxes:
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Sales and Use Tax
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$1,134.9
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$1,115.3
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($19.6)
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-1.7%
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$6,127.1
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$6,001.8
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($125.3)
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-2.0%
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Cigarette Tax
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$78.4
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$71.0
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($7.4)
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-9.4%
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$339.8
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$324.2
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($15.6)
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-4.6%
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Other Tobacco Products Tax
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$13.7
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$12.4
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($1.3)
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-9.2%
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$67.9
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$61.7
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($6.2)
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-9.1%
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Malt Beverage Tax
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$1.8
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$1.9
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$0.1
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5.1%
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$10.0
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$9.2
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($0.8)
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-8.2%
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Liquor Tax
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$40.9
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$41.2
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$0.3
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0.7%
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$188.4
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$183.4
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($5.0)
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-2.7%
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Other Taxes:
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Personal Income Tax
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$1,206.7
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$1,193.7
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($13.0)
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-1.1%
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$6,359.4
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$6,269.3
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($90.1)
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-1.4%
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Realty Transfer Tax
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$48.0
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$48.4
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$0.4
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0.8%
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$221.7
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$208.1
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($13.6)
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-6.1%
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Inheritance Tax
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$114.0
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$113.9
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($0.1)
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-0.1%
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$590.5
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$651.8
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$61.3
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10.4%
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Gaming Taxes
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$35.2
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$33.6
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($1.6)
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-4.6%
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$146.4
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$139.2
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($7.2)
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-4.9%
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Minor and Repealed
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$0.7
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$0.2
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($0.5)
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-70.7%
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($9.0)
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($14.3)
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($5.3)
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-58.4%
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Non-Tax Revenue
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$147.5
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$172.3
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$24.8
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16.8%
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$425.5
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$498.2
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$72.7
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17.1%
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