Who could’ve predicted?
State Sen. Jake Corman and state Rep. William Adolph, the Republican chairmen of the state House and Senate appropriations committees, said Thursday that Pennsylvania’s May revenue numbers will be as much as $100 million below expectations.
That harrowing news comes after revenue from April — one of the biggest collection months of the year — were short by $328.3 million. Adjusting for an early $80 million transfer from the state liquor store profits, a $100 million revenue shortfall in May would leave the state more than $600 million below expectations for the year.
The Independent Fiscal Office estimated earlier this month that 2013-14 revenue could end up $608 million below estimates. The hole could still deepen in June.
Give away $1.2 billion as tax cuts, have $1.2 billion less in revenue. It’s not hard.
(via Andrew Staub)