– House Republican Appropriations Chairman Seth Grove (R-York) announced the release of the monthly House Republican Appropriations Financial Brief.
“October was the first month in the 2023-24 fiscal year we saw General Fund revenues exceed the official monthly estimate, but the news was not all positive.” Grove said. “Revenues are still behind the Year-to-Date estimate by $47.5 million and $95.4 million when taking into account only tax revenue.”
Grove also offered further caution on the October numbers. “The October General Fund tax revenues were over estimate by $118.6 million, but $57.8 million of that total was from the Inheritance Tax,” Grove added. “I would not deem that increase as a sign of a strong financial status.”
The Financial Brief also includes information on state spending for this fiscal year. “Total Expenditures reached $16.94 billion at the end of October while total revenues, less tax refunds, reached $12.60 billion,” Grove said.
“There is some good news to report: House Democrats have finally started to work in a bipartisan manner to finish several budget items, including passing funding for state-related universities. This progress shows House Republicans continue to lead in advancing good policy even though we are a one-seat minority. If we continue to work in this spirit of cooperation, the partial budget impasse, now over 125 days, can finally conclude,” Grove concluded.
A copy of the October 2023 Financial Brief can be found here
Representative Seth Grove
Pennsylvania House of Representatives
Media Contact: Charlie O’Neill