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Both the House and Senate were in session last week, but will not return until the last week of May and remain in session until the passage of the budget. This will not be helped by the announcement that Pennsylvania’s revenue shortfall will likely surpass $1 billion after April’s collections fell more than $400 million short of projections. Although sources say the state officially collected $400 less than expected, $99 million of that amount stems from the absence of table-games license fees. Johanna Pro, spokeswoman for the House Appropriations Committee, wouldn’t confirm or deny if the $400 million shortfall was correct. But she said the state could handle any shortfall between $800 million and $825 million. “When it becomes dicey is if we go beyond the $800 million number,” Pro said. “Then we have to look at raising revenue or cutting more from the budget.” Governor Ed Rendell had built a $525 million revenue gap into his budget proposal, which calls for $1 billion spending increase to $29 billion and does not include any new or raised taxes for next year’s general fund. Pro did say April’s numbers have shown some positive signs for the economy, such as an increased amount of withholding taxes, an indication more people are going back to work. The income tax numbers from April are largely a by-product of last year’s economy, she said, not indicative of the economy’s current health.  |
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 Chamber Newsletter: Business Connections UPCOMING EVENTS 9/14/2010 Tuesday 3:30 PM Membership Orientation Sponsored by Sphere 9/16/2010 Thursday 5:00 PM Business After Hours @ Penn State Brandywine 9/23/2010 Thursday 5:30 PM DCYP Mortgage Seminar 9/28/2010 Tuesday 11:30 AM Knowledge @ Noon - Knowledge is Power: Is it Safe to Get Back in the Water?
IN THE NEWS
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