Day: April 8, 2022

Pennsylvania’s financial outlook for 2022/23 just got better. In March 2022, state revenues came in higher than expected as they have in nearly every month this fiscal year. Several months ago, we calculated that the state would have an estimated surplus of $10.7 billion at the end of 2021/22. Our revised estimate, after the Pennsylvania Department of Revenue’s March report, is that Pennsylvania will have a surplus of between $11.2 billion and $12 billion by the end of June 2022. Fiscal year collections to date for 2021-22 total $2.7 billion, or 8.5% above estimates. If in the last quarter of this fiscal year, revenues come in according to the estimates of last June, the state budget surplus will be $2.7 billion greater than projected at the start of the fiscal year. If, however, revenues continue to come in at the rate of 8.5% above projections (and April is a big… Continue reading