April showers Pa. with $6.5 billion in tax collections; setting high-water mark for a single month
Pennsylvania took in $6.5 billion in April's tax collections, making it the largest amount this state has ever collected in a single month. Pennsylvania ended April taking in more money in a single month than it ever has in its history, putting it in a strong financial position as elected officials get to work on the 2022-23 state budget.
With billions ahead and still two months of collections to go in this fiscal year, it should make for some easy budget negotiations, right?Already, the governor and fellow Democrats are staking out a negotiating position that differs from Republicans who hold a majority in the House and Senate. Republicans, meanwhile, are continuing to urge caution to mitigate against future revenue shortfalls, especially given the signs some economists are picking up that a recession could be imminent.
Wolf, however, said the forecasting he sees from nationally recognized financial firms predict that this is not a once-and-done strong revenue year. “The bottom line: our financial footing is strong enough to allow the General Assembly to make meaningful strides toward improving communities across Pennsylvania,” said the House Democratic leadership team.
Wolf, who is term-limited and will leave his position in the middle of the next fiscal year, points out the state was operating onToday, that fund balance is $2.8 billion – or 7.4% of its general fund budget .
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