HARRISBURG – As the state budget successfully earns approval from both chambers and the governor, House Bill 790
has been signed into law. Rep. Mike Peifer (R-Pike/Wayne) noted that Pennsylvania’s $33.9 billion budget combines prudent budgeting decisions and the benefits of a thriving economy.
“We are at a point in time where our economy is growing and more and more Pennsylvanians are getting back to work,” said Peifer. “With that growth, sales tax revenue increased by 7%, Personal Income Tax revenue increased by 5%, Corporate Net Income tax increased by 17.4% and Pennsylvania’s General Fund tax revenue increased by 6.3%. We expect to close the fiscal year with a revenue surplus, which opened the door for us to maintain our spending and invest more funds back into the Commonwealth during the 2019-20 fiscal year.
“Pennsylvania’s unemployment rate has declined from 7.9% in January of 2011 to 3.8% today – the lowest rate since state-level records began in 1976. The state’s Gross Domestic Product (GDP) has grown from $599 billion in 2010 to $789 billion in 2018, a 15% increase in real GDP, despite a state population that has grown by less than 1%.”
“We are allocating up to $300 million back into our Rainy Day Fund to help prepare for the worst should the economy decline. Over $430 million was put into PreK-12 education where basic education, special education and career and technical education each received more funding. This brings the total amount of funding for education to a record high of almost $13 billion.
“All in all, what we have seen over the past few fiscal years is that growing the economy is key to the Commonwealth’s financial success. I, along with my colleagues, remain steadfast in ensuring that every Pennsylvanian will have the opportunity to grow and thrive here in the Commonwealth.”
Representative Mike Peifer
Pennsylvania House of Representatives
Media Contact: Abby Krueger