Releases

IFO Releases

Tax Modernization and Reform Presentation

March 01, 2024 | Economics and Other

Director Knittel made a presentation to the House Finance Subcommittee on Tax Modernization and Reform.  

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February 2024 Revenue Update

March 01, 2024 | Revenue & Economic Update

The Commonwealth collected $2.77 billion in General Fund revenues for February, an increase of $31.1 million (1.1%) compared to February 2023 (adjusted).

Tags: estimates, monthly, revenue

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Negative Revision to PA Job Gains Expected

February 29, 2024 | Economics and Other

This research brief examines the implications of a recent QCEW data release for state payroll jobs data.

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Summary and Analysis of Annual PSERS Stress Test Report

February 28, 2024 | Pension Analysis

Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the Public School Employees Retirement System’s (PSERS) recent stress test report. Based on PSERS’ baseline projections, the IFO projects that from FY 2024-25 to FY 2051-52, the Commonwealth will use $53.0 billion in General Fund revenues (2.7%) for the state’s share of public school employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance to exceed and fall short of assumptions.

Tags: analysis, pension, psers

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Natural Gas Quarterly Update, 2023 Q4

February 26, 2024 | Energy

This document uses data from the Pennsylvania Department of Environmental Protection and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices.

Tags: gas, natural, production

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Economic Update

February 22, 2024 | Economics and Other

Director Knittel provided an economic update at the Economic Forecast and Business Leadership Summit.

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2024 Budget Hearing Materials

February 20, 2024 | Economics and Other

The Independent Fiscal Office submitted materials to the Senate Appropriations Committee ahead of its budget hearing. The packet includes data on the state budget, revenue proposals, economy, revenues, demographics and other miscellaneous topics.       

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2024 Wage Contracts Summary Table

February 16, 2024 | Wage Contracts

This table provides an up-to-date summary of the recent wage contracts analyzed by the IFO. Additional estimates will be provided after the relevant contract detail has been transmitted to the IFO by the Office of Administration.

Tags: contract, wage

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ALES Wage Contract Analysis

February 16, 2024 | Wage Contracts

The Independent Fiscal Office (IFO) has issued a cost analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Association of Liquor Enforcement Supervisors (ALES).

Tags: analysis, contract, wage

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SEIU Local 668 - UC Referees Wage Contract Analysis

February 15, 2024 | Wage Contracts

The Independent Fiscal Office (IFO) has issued a cost analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Service Employees International Union (SEIU) Local 668 Unemployment Compensation (UC) Referees.

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