HARRISBURG – House Republican Appropriations Chairman Seth Grove (R-York) announced the release of the monthly House Republican Appropriations Financial Brief for November 2023.
“As the current calendar year comes to a close, Pennsylvania still faces an incomplete budget and revenue concerns heading into 2024,” Chairman Grove said. “To date, the only notable tax revenue that is exceeding estimate is the Corporate Net Income Tax, while the efforts of House Republicans to curb spending and increase savings continue to add significant interest earnings for both the General Fund and Rainy Day Fund.”
Year-to-Date spending reached $19.18 billion through the end of November, while total revenues, less refunds, reached $15.47 billion.
“In addition to revenues falling short of estimate, we are also seeing slow year-over-year growth in key revenue areas,” Grove added. “Personal Income Taxes have only grown by 3.8% and Sales and Use Tax has only shown 0.9% growth so far. Overall Tax Revenues have only grown 1.8% compared to last fiscal year, even though spending increased over 5%.”
“With the General Assembly set to return next week, I hope House Democrats can work with House and Senate Republicans to distribute funding for community colleges, ‘Level-Up’ funding, student-teacher stipends, and increase the Educational Improvement Tax Credit,” Grove concluded. “We need to finish the current budget so we can move our attention to the Commonwealth’s revenue shortfalls and implement prudent financial planning for the fiscal years to come.”
A copy of the November 2023 Financial Brief can be found here
Representative Seth Grove
Pennsylvania House of Representatives
Media Contact: Charlie O’Neill