CENTER CITY – At his last Philadelphia press conference as an elected official yesterday, outgoing Gov. Ed Rendell boasted that higher-than-expected December revenue collections could bring a fiscal-year surplus rather than the deficit forecasted last month. The great news came with a warning, though: Being above fiscal-year projections doesn’t solve a massive looming deficit, Rendell said. He cited the anticipated loss of $2.6 billion in stimulus funds, the Legislature’s unwillingness to create the reserve fund he requested in recent budget addresses and rising pension, corrections and Medicaid costs.“Does Corbett have to make cuts? Of course he does. I would too,” he said. “But those cuts have to be balanced.”
