A Budget Balanced in Name Only
Finally, with the passage of a revenue bill to fund the appropriates bill passed last wee, we can say the 2016-2017 budget is done. But whether it was a success or not, is very much in doubt. The budget deficit is, technically closed. New projected revenues of $1.3 billion have been enacted. But as the following table shows, over half of the new revenue is non-recurring. That is, it is one-time revenues that will be available only this year and not in future years. That means we will start the 2017-2018 budget year already more than $700 million in deficit. New Revenue in 2016-17 (in millions of dollars) Recurring Revenue Non-recurring revenue Cigarette Tax 431 Tax amnesty 100 E-Cigarettes 13 Internet gaming 100 Smokeless Tobacco 48 Liquor licenses 149 Roll you own 3 Casino license fee-Philadelphia 50 Cap sales tax vendor discount 56 Table games license fee 25 Sales tax… Continue reading
