Releases

As of July 2015, the Economic and Revenue Reports have been discontinued. They are now included in the Monthly Trend Reports.

IFO Releases

Official Revenue Estimate FY 2017-18

June 15, 2017 | Revenue Estimates

FY 2017-18 official estimate and FY 2016-17 estimate revision (June 2017).

Methodology

Full Report

Budget and Economic Update

June 07, 2017 | Presentations

Director Matt Knittel provided a budget and economic update to the Pennsylvania Institute of Certified Public Accountants (PICPA). 

Full Report

Actuarial Note for Senate Bill 1; A01354 and A01558

June 03, 2017 | Other Documents and Requests

The actuarial note analyzes a proposal to amend the Public School Employees' Retirement Code and the State Employees' Retirement Code to (1) require most new employees to select one of three new plan design options and (2) make certain actuarial funding changes. The plan design options include two hybrid plans consisting of defined benefit and defined contribution components. The third option is a stand-alone defined contribution plan. 

On June 5, 2017 the IFO updated the actuarial note by clarifiying certain language in the summary of Senate Bill 1. A list of the changes is available here

Full Report

May 2017

June 01, 2017 | Monthly Trends Reports

The Commonwealth collected $2.58 billion in General Fund revenues for May, an increase of $637 million (32.8%) compared to May 2016. Fiscal year-to-date revenues were $28.41 billion, an increase of $564 million (2.0%) from the prior year.

 

Full Report

State and Local Taxes: A Comparison Across States

May 31, 2017 | Other Documents and Requests

This report uses data from the U.S. Census Bureau, the Internal Revenue Service (IRS) and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the fifty states. The report examines (1) the relative state and local tax burden across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels. 

Full Report

Implications of Aging for the PA Economy

May 24, 2017 | Presentations

Director Matt Knittel gave a presentation on May 24th to the PA Council on Aging regarding the implications of an aging population for Pennsylvania’s economy. An appendix slide appears at the end of the PowerPoint to include certain data requested during the presentation.

Full Report

Natural Gas Production Report, 2017 Q1

May 22, 2017 | Natural Gas Reports

This report for the first quarter of 2017 and the calendar year uses data collected by the PA Department of Environmental Protection to develop statewide and county-level tabulations of production volume and well counts.

Full Report

Quarterly Revenue Review 2017 Q1

May 05, 2017 | Revenue Estimates

The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections.

Full Report

An Overview of School District Property Tax Reform

May 04, 2017 | Presentations

Throughout May, Director Matt Knittel and Deputy Director Mark Ryan will make five presentations on the potential implications of school district property tax reform. The events are sponsored by the Pennsylvania Economy League and will take place at the various locations listed below.

Click the following links for additional details:

READING                   Thursday May 4th 7:30-9:00am

WILLIAMSPORT       Friday May 5th 12:00-1:30pm

YORK                         Thursday May 11th 12:00-1:30pm

WILKES-BARRE       Friday May 12th 12:00-1:30pm

LEHIGH VALLEY      Friday May 19th 12:00-1:30pm

Full Report

Initial Revenue Estimate FY 2017-18

May 02, 2017 | Revenue Estimates

The initial revenue estimate for FY 2017-18 and updated estimates for FY 2016-17.

Press Release

Presentation

Full Report