05/06/24 - 166 New Stories - REAL Environmental & Conservation Leadership In PA: http://tinyurl.com/ytpxu8fy
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State Budget Deficit Could Be $1 Billion, More Cuts Certain
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Sen. Jake Corman (R-Centre) Majority Chair of the Senate Appropriations Committee told a press conference today the state faces a $1 billion budget deficit by the end of June. Confirming his estimate, the Department of Revenue reported March revenues resulted in a deficit of $712 million so far this fiscal year. He said the lower-than-expected revenues will make it difficult to get a budget done on time.
Sen. Corman said there is no support for an across-the-board tax increase in either the Personal Income or Sales taxes, leaving cutting spending as the only option for bringing the state budget into balance.
He also said he did not see much support for either the Marcellus Shale natural gas production tax or for taxing smokeless tobacco or cigars.
Despite disappointing revenue collections in March, Pennsylvania remains in position to achieve a balanced budget by the end of the 2009-10 fiscal year, pending tax data for April, Gov. Rendell said.
"With the significant revenue month of April just ahead, it is important to wait and see how the major tax category collections come in before we make assumptions about end-of-year revenues," the Governor said. "At this point it would be premature to deviate from the plan that I have already presented to balance the budget.
"We are still in better financial shape than any other large state in the nation, but rest assured that as we have done throughout these difficult economic times, we are prepared to make the necessary cuts and adjustments to balance the budget," he added.
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4/5/2010 |
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