PA Budget Watch: Current Budget On Track But FY2011-12 Presents Stern Challenges

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As we begin the second half of Pennsylvania's 2010-11 fiscal year, state revenues seem to be turning the corner - December General Fund revenues exceeded estimate by $176.9 million (8.4%). However, projections of a large structural deficit for 2011-12 continue to call into question whether incoming Governor Corbett will be able to deliver on his 'no tax increase' pledge for the next fiscal year and whether he will be able to implement a number of campaign promises to reduce taxes over the longer haul. Pennsylvania taxpayers should pay close attention as the new Governor and General Assembly target program cuts and consider revenue enhancements for the 2011-12 budget.

Following are some key fiscal 2010-11 revenue statistics, through December 31st, as announced in a Governor's Office press release...

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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