Pennsylvania touts stronger fiscal health, but clouds loom - WFMJ.com News weather sports for Youngstown-Warren Ohio

Pennsylvania touts stronger fiscal health, but clouds loom

Posted: Updated:

By MARC LEVY
Associated Press

HARRISBURG, Pa. (AP) - Gov. Tom Wolf says Pennsylvania is making its largest deposit into its budgetary reserve account in nearly two decades.

Wolf's office said Tuesday's deposit is $317 million, after strong corporate and sales tax collections drove the state past its revenue expectations by almost 3%.

The state collected a total of $34.9 billion for its main operating account in the just-ended fiscal year. That exceeded projections by $883 million, although most of that extra cash was needed to cover cost overruns.

The 2019-20 fiscal year that began July 1 is projected to be another relatively strong year for tax collections.

However, not everything's rosy. Pennsylvania still had $67 billion in state pension debt, as of the last valuation, and demographic projections show its working-age population is shrinking.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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