Pa. revenue department releases fiscal year 2023-24 collections [Video]

Pennsylvania ended the 2023-24 fiscal year with $45.5 billion in General Fund collections, Revenue Secretary Pat Browne reported earlier this week. That total is $862.9 million, or 1.9 percent, above estimate. Final 2023-24 collections are within the range (2 percent) the Department of Revenue strives for with its year-to-date revenue forecasts, a press release said.

Below is an overview of June revenue collections and final collections for the fiscal year:

Sales tax receipts totaled $1.2 billion for June, $43.6 million above estimate. Fiscal year-to-date sales tax collections total $14.3 billion, which is $243.3 million, or 1.7 percent, more than anticipated. The overage in sales & use tax (SUT) receipts this month is due to two reasons – May activity was significantly stronger than originally forecast, and there was a larger-than-expected effect from 2024 filing frequency. More SUT is being paid as monthly payments as opposed to quarterly.