- Associated Press - Wednesday, October 1, 2014

HARRISBURG, Pa. (AP) - Pennsylvania’s tax collections fulfilled budget projections in the first quarter of the state’s fiscal year, but just barely.

The state Revenue Department said Wednesday that it collected $6.6 billion through the end of September, which is only $500,000 above estimates.

In the first quarter, tax collections on sales and corporate income exceeded estimates, while revenue from personal income, inheritance and real-estate transfer taxes lagged projections.

The $29 billion budget that Gov. Tom Corbett signed in July is balanced with more than $2 billion in one-time revenues and other stopgap measures.

National rating agencies have downgraded Pennsylvania’s debt rating five times in the past two years, citing recurring budget deficits, growing pension debt and sluggish revenue growth.

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