Pennsylvania

Independent Fiscal Office

Revenue Estimates

Includes statutorily required revenue estimates released in May or June, November and January each year.

Reports and Analyses

Includes special reports requested by the General Assembly and IFO Research Briefs.

Monthly Trends Reports

Monthly General Fund revenue collections by tax source. Monthly and quarterly economic indicators for the U.S. and Pennsylvania.

Latest 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