IFO Releases
November 2022 Monthly Economic Update
November 21, 2022 | Revenue & Economic Update
The November edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic, and fiscal trends.
Five-Year Economic and Budget Outlook
November 15, 2022 | Revenue Estimates
The Independent Fiscal Office (IFO) released its five-year Economic and Budget Outlook. Click the hyperlink above to view the report and presentations.
Economic and Budget Outlook
November 02, 2022 | Revenue Estimates
The Independent Fiscal Office will release an updated revenue estimate and discuss economic trends for FY 2022-23 to 2027-28. The briefing is open to the public and submitted questions will be addressed at the end of each presentation. The report will also be posted to the IFO website when the presentation concludes. Click on the link for details on how to register.
Tags: budget, economic, outlook, presentation
October 2022 Revenue Update
November 01, 2022 | Revenue & Economic Update
The Commonwealth collected $3.12 billion in General Fund revenues for October, an increase of $310.8 million (11.0%) compared to October 2021.
2022 Impact Fee Estimate
October 31, 2022 | Natural Gas
This report uses recent data published by the Department of Environmental Protection to project CY 2022 Impact Fee collections (remitted April 2023). Collections are estimated to be $274.8 million, an increase of $40.4 million from the prior year.
Evaluating the Effectiveness of Tax Incentives Without ROI
October 26, 2022 | Economics and Other
Michaela Miller gave a brief presentation at the FTA Revenue Estimation and Tax Research Conference on evaluating the effectiveness of tax incentives without ROI. The REAP tax credit was used as a case study.
Tags: incentives, roi, tax
Where Did the Workers Go?
October 25, 2022 | Economics and Other
This research brief updates a prior release in August 2022 to show data for more recent months and new demographic projections from the IFO’s Demographic Outlook report.
The IFO published a research brief that examines the factors that caused the PA labor force to contract by 120,000 workers since the start of the pandemic. The updated research brief focuses on the interaction between recent and projected demographic trends and the contraction of the state labor force.
Tags: brief, demographics, labor, research
October 2022 Monthly Economic Update
October 24, 2022 | Revenue & Economic Update
The October edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic, and fiscal trends.
REVENUE ESTIMATE PERFORMANCE
October 12, 2022 | Revenue Estimates
This report examines the performance of IFO revenue estimates for the past ten budget cycles.
Tags: estimates, performance, revenues
2022 Demographic Outlook
October 05, 2022 | Economics and Other
Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation for the IFO’s release of the Economic and Budget Outlook for Fiscal Years 2022-23 to 2027-28.
Tags: demographic, demographics, outlook