General Fund Revenue Report - November 2023

By Brittany Van Strien , Budget Analyst | 3 months 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.

 

 

 

2023/24 General Fund Revenues ($ in Millions)

 

November 2023 Revenues

Year-to-Date Revenues

 

Month Estimate

Month Revenues

$ Difference

% Difference

YTD Estimate

YTD Revenues

$ Difference

% Difference

General Fund Total

$3,015.0

$3,061.4

$46.4

1.5%

$16,146.4

$16,145.3

($1.1)

-0.0%

Tax Revenue

$2,867.5

$2,889.1

$21.6

0.8%

$15,720.9

$15,647.1

($73.8)

-0.5%

Corporation Taxes:

Corporate Net Income Tax

$188.8

$255.2

$66.4

35.2%

$1,641.1

$1,764.3

$123.2

7.5%

Gross Receipts Tax

$2.9

$1.6

($1.3)

-44.9%

$16.2

$19.5

$3.3

20.6%

Public Utility Realty Tax

$0.0

$0.1

$0.1

0.0%

$1.2

$2.3

$1.1

92.2%

Insurance Premiums Taxes

$0.1

$0.6

$0.5

521.1%

$1.5

$6.9

$5.4

357.6%

Financial Institution Taxes

$1.4

($0.1)

($1.5)

-106.0%

$18.7

$19.5

$0.8

4.3%

Consumption Taxes:

Sales and Use Tax

$1,134.9

$1,115.3

($19.6)

-1.7%

$6,127.1

$6,001.8

($125.3)

-2.0%

Cigarette Tax

$78.4

$71.0

($7.4)

-9.4%

$339.8

$324.2

($15.6)

-4.6%

Other Tobacco Products Tax

$13.7

$12.4

($1.3)

-9.2%

$67.9

$61.7

($6.2)

-9.1%

Malt Beverage Tax

$1.8

$1.9

$0.1

5.1%

$10.0

$9.2

($0.8)

-8.2%

Liquor Tax

$40.9

$41.2

$0.3

0.7%

$188.4

$183.4

($5.0)

-2.7%

Other Taxes:

Personal Income Tax

$1,206.7

$1,193.7

($13.0)

-1.1%

$6,359.4

$6,269.3

($90.1)

-1.4%

Realty Transfer Tax

$48.0

$48.4

$0.4

0.8%

$221.7

$208.1

($13.6)

-6.1%

Inheritance Tax

$114.0

$113.9

($0.1)

-0.1%

$590.5

$651.8

$61.3

10.4%

Gaming Taxes

$35.2

$33.6

($1.6)

-4.6%

$146.4

$139.2

($7.2)

-4.9%

Minor and Repealed

$0.7

$0.2

($0.5)

-70.7%

($9.0)

($14.3)

($5.3)

-58.4%

Non-Tax Revenue

$147.5

$172.3

$24.8

16.8%

$425.5

$498.2

$72.7

17.1%

General Fund Revenue Report - November 2023

By Brittany Van Strien , Budget Analyst | 3 months ago

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