Releases

IFO Releases

July 2022 Revenue Update

August 01, 2022 | Revenue & Economic Update

The Commonwealth collected $2.70 billion in General Fund revenues for July, a decrease of $4.0 million (-0.1%) compared to July 2021.

Tags: estimates, monthly, revenue

Full Report

July 2022 Monthly Economic Update

July 25, 2022 | Economics and Other

The July 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. 

Tags: economic, monthly, update

Full Report

Where Did the Workers Go?

July 13, 2022 | Economics and Other

The IFO published a new research brief that examines the factors that caused the PA labor force to contract by 120,000 workers since the start of the pandemic. Factors identified include long-term demographic trends, care of elderly parents, cyber charter and home schooling, wealth accumulation and the elimination of the income-based phase-out for SNAP benefits that creates a punitive cliff for benefits that are twice the pre-COVID level.

Tags: brief, demographics, labor, research

Full Report

June 2022 Revenue Update

July 01, 2022 | Revenue & Economic Update

The Commonwealth collected $48.13 billion in General Fund revenues for fiscal year 2021-22, an increase of $7.74 billion (19.2%) compared to the prior fiscal year.

Tags: estimates, monthly, revenue

Full Report

Official Revenue Estimate FY 2022-23

June 23, 2022 | Revenue Estimates

The Independent Fiscal Office (IFO) released its official revenue estimate for FY 2022-23. Updated estimates for FY 2021-22 are included.

Methodology

Tags: estimates, revenue

Full Report

Impact Fee Update and Outlook 2022

June 21, 2022 | Natural Gas

This update examines 2021 impact fee collections and provides an outlook for 2022. The Commonwealth collected $234.4 million in impact fees for 2021, an $88.2 million increase from 2020.

Tags: fee, gas, natural

Full Report

JUNE 2022 MONTHLY ECONOMIC UPDATE

June 16, 2022 | Revenue & Economic Update

The June 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. 

Tags: economic, monthly, update

Full Report

Pennsylvania's Gasoline Tax

June 13, 2022 | Economics and Other

The IFO published a research brief that examines the Pennsylvania gasoline tax, which comprises 55% of Motor License Fund revenues. Although Pennsylvania levies the highest gasoline tax rate in the nation, the analysis finds that collections have not kept pace with the rising cost of road construction. This outcome is largely the result of the tax structure, which is tied to the average wholesale price of fuel and has not increased since 2018. For FY 2021-22, the IFO estimates that the annual gasoline tax burden per licensed Pennsylvania driver is $285.

Tags: brief, gasoline, research, tax

Full Report

Financial Impact of SERS Pre-Funding Option

June 09, 2022 | Pension Analysis

The IFO published a new research brief that examines the impact of Act 105 of 2019, which allows certain SERS employers the option to pre-fund their unfunded liabilities. The analysis finds that the two participating employers effectively locked in roughly $1 billion of nominal savings over thirty years while all SERS employers are projected to save an additional $300 million (nominal). The savings are due to very strong returns realized on advance payments made in 2020 and 2021.

Tags: brief, pension, research

Full Report

Inflation's Impact on the Pennsylvania Economy

June 07, 2022 | Economics and Other

On June 8, Director Matthew Knittel will make a brief presentation to the House Majority Policy Committee on the impact of inflation on the state economy and budget.

Tags: economy, inflation, pennsylvania

Full Report