Pennsylvania Sees Biggest Shortfall Since Recession
Pennsylvania is heading into the 2017 budget season with its biggest revenue shortfall since the recession.
The state Department of Revenue is reporting that it has a shortfall in excess of $1 billion, now 10 months into the fiscal year. That's more than 4 percent, a bigger margin than at any point since 2010.
It leaves budget makers with an even bigger budget gap than expected with just nine weeks left in the fiscal year.
The Department of Revenue attributes April's poor tax collections, in part, to the U.S. economy recording its slowest quarter in three years.
Pennsylvania isn't alone.
The National Association of State Budget Officers' fall survey found that 24 states were reporting revenues coming in below projections, the highest number that that point since 2010.