Senate Appropriations Committee Report
(all tables and graphics can be viewed online)
February Revenue Collections Solid
General Fund revenue collections for February of $2.43 billion were $155.7 million above estimate for the month. Gross receipts tax (GRT), which is generally due in March, was over the estimate by $22.7 million in February. There is a possibility that the monthly GRT surplus is from revenues that are included in the March estimate; therefore, this timing difference may result in lower revenues than would otherwise be received later this month.
General Fund tax revenue was $148.4 million above estimate, and non-tax revenue was $7.3 million higher than the estimate. General Fund revenue collections for the fiscal year-to-date are $2 billion ahead of estimate. The Governor’s FY 2022-23 Executive Budget projects that FY 2021-22 General Fund revenue collections will exceed the Official Revenue Estimate by $2.42 billion at fiscal year’s end.
February 2022 General Fund Revenue vs. Monthly Estimate:
Fiscal Year 2021-22 vs. the Official Revenue Estimate To-Date:
Fiscal Year 2021-22 vs. Fiscal Year 2020-21:
Motor License Fund:
Russian Business Divestment at the Commonwealth
In light of Russia’s unprovoked attack against Ukraine, a sovereign and democratic nation, the Pennsylvania Treasury immediately began divesting its holdings in all Russian-based companies last week. The vast majority of those assets have already been liquidated. A few remain in the process and will be liquidated as soon as possible. While these holdings were very minimal, immediate action was necessary to protect Pennsylvania taxpayers and to show our support for Ukraine.
We did not have much invested there – about $2.9 million in value compared to $37 billion in our total portfolio. That’s less than one one-hundredth of a percent. But every dollar matters. We must protect Pennsylvania taxpayers and stand with Ukraine.
Almost all of the divestment is already complete.
Summary of PA Treasury holdings:
Total $2.9 million value
What has already been sold:
Total $2.7 million value
What is in the process of being sold:
Similarly, the board of the Public School Employees’ Retirement System voted unanimously on March 3 to divest up to $300 million it has invested in Russia and Belarus as a protest against the Russian invasion of Ukraine.
The Pennsylvania Liquor Control Board (PLCB) instructed all Fine Wine & Good Spirits stores and licensee service centers to remove Russian-made products from shelves as a show of solidarity and support for the people of Ukraine at the end of February. Russian-made Special Order products are also no longer available.
According to the PLCB, although some producers give their vodkas Russian-themed names, few products carried by Fine Wine & Good Spirits are actually sourced from Russia. Only two products stocked in stores – Russian Standard and Ustianochka vodkas – and about a half-dozen Special Order brands come from Russia.
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