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Rep. Adolph December 2011 Economic Brief

Rep. Adolph December 2011 Economic Brief

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House Republican Appropriations Committee

Economic Brief
Rep. Bill Adolph, Republican Chairman
December 2011

General Fund Collects $1.7 Billion in November
November 2011 General Fund revenue collections of $1.7 billion fell short of Department of Revenue estimates for the month by $63 million, or 3.5 %.

EMPLOYMENT STATISTICS
October 2011 Monthly Change

Labor Force

6.354 Million

+18,000 -0.2 +30,000

Total Corporation Tax collections of $39 million were below the Department of Revenue estimate by $24 million. Sales Tax collections of $708 million were $10 million under estimate. Other Consumption Tax collections of $118 million were $1.1 million under estimate. Personal Income Tax collections of $769 million were $5.4 million over the Department of Revenue estimate. All Other Tax collections of $78 million were $21 million under official estimated collections. Total year-to-date General Fund collections are $9.374 billion, which is below the Department of Revenue year-to-date estimate by 3.6% or $345 million. However, year-to-date Total Tax Revenue collections have grown by 4.4% over the same period in the prior fiscal year.

Unemployment Rate 8.1% Total Employment 5.842 Million

Unemployment Rate by State NJ: 9.1% DE: 7.9 % MD: 7.2 % WV: 8.2 % OH: 9.0% NY: 7.9%

General Fund Revenue- November 2011
Actual Collections Estimated Collections

Estimate Actual Corporation Taxes Corporation Taxes $ 63.6 Million $39.4 Million Sales Taxes Sales Taxes $718.6 Million $708.3 Million Consumption Taxes Consumption Taxes $119.3 Million $118.2 Million Personal Income Taxes Personal Income Taxes $763.8 Million $769.2 Million All Other Taxes All Other Taxes $98.9 Million $77.9 Million Non Tax Revenue Non Tax Revenue $18.5 Million $6.4 Million Total General Fund Total General Fund $1.782 Billion $1.719 Billion

November Revenue Collections

(717) 787-1711

House Republican Appropriations Committee www.PABudget.com

245 Main Capitol

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