Releases

IFO Releases

Initial Revenue Estimate FY 2023-24

May 24, 2023 | Revenue Estimates

The IFO released its initial revenue estimate for FY 2023-24. Click the hyperlink above to view the report and presentation.

Tags: estimates, revenue

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May 2023 Monthly Economic Update

May 23, 2023 | Revenue & Economic Update

The Monthly Economic Update provides data and insight on current trends that impact the state economy.

Tags: economic, monthly, update

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Initial Revenue Estimate Announcement

May 17, 2023 | Revenue Estimates

The IFO will release its Initial Revenue Estimate on Wednesday, May 24th at 1:30 PM. The report will contain revisions to the FY 2022-23 estimate and an initial estimate for FY 2023-24. See the announcement for a link to register for the presentation.

Tags: estimates, initial, revenue

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PA Taxpayers Continue to Migrate South

May 03, 2023 | Economics and Other

The IFO posted a research brief that uses recent IRS tax data to track migration between states for 2020 and 2021. The IRS data indicate Pennsylvania net domestic migration was -14,376 (-0.11% of state population), which ranked 34th across all states. Large net inflows came from border states and net outflows went to southern states, most notably Florida. The adjusted gross income averaged $46,600 for the inflow group and $52,300 for outflows, with a total net flow of nearly -$2.0 billion.

Tags: brief, migration, research

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Analysis of Revenue Proposals

May 03, 2023 | Revenue Estimates

This report provides estimates for the revenue proposals contained in the 2023-24 Executive Budget released March 2023. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under Section 604-B (a)(4) of the Administrative Code of 1929. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."

Tags: proposals, revenue

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April 2023 Revenue Update

May 01, 2023 | Revenue & Economic Update

The Commonwealth collected $5.66 billion in General Fund revenues for April, a decrease of $863.0 million (-13.2%) compared to April 2022.

Tags: estimates, monthly, revenue

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APRIL 2023 MONTHLY ECONOMIC UPDATE

April 25, 2023 | Revenue & Economic Update

The Monthly Economic Update provides data and insight on current trends that impact the state economy.

Tags: economic, monthly, update

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Economic and Budget Update

April 19, 2023 | Economics and Other

The IFO presented an Economic and Budget Update to the PA Motor Truck Association.

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Property Tax Rebates for Senior Homeowners

April 13, 2023 | Property Tax

In response to a legislative request, the IFO transmitted a letter that analyzes a proposal to provide property tax rebates for senior homeowners in certain income ranges.

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Expiration of the Enhanced FMAP

April 06, 2023 | Economics and Other

The IFO posted a fourth research brief that examines the end or phase-out of various programs tied to the federal public health emergency that will impact the state economy. The brief examines the fiscal impact on the Commonwealth that will result from the phaseout of the enhanced Federal Medical Assistance Percentage (FMAP) and disenrollments due to the elimination of the continuous coverage requirement. The analysis finds a $1.70 billion net increase in state costs for FY 2023-24 and $2.13 billion the year after.

The report was originally posted on March 17, 2023 and was updated on April 6, 2023 for technical changes to the FMAP enhancement for newly eligible enrollees. The updated report also includes revised estimates from DHS for FY 23-24 expenditures covered by the enhanced FMAP phaseout.

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