IFO Releases
Savings and Costs of a $12/hour Minimum Wage on DHS-administered Programs
June 30, 2017 | Economics and Other
In response to a legislative request, the IFO reviewed the Department of Human Services' projections for the state savings and costs that could occur if Pennsylvania's minimum wage were to be increased to $12 per hour.
Actuarial Impact of Act 5 - School District Pension Contributions
June 28, 2017 | Pension Analysis
Deputy Director Mark Ryan made a presentation to the Pennsylvania School Boards Association (PSBA) regarding the impact of recently enacted pension legislation (Act 5 of 2017) on school district pension contributions.
Official Revenue Estimate FY 2017-18
June 15, 2017 | Revenue Estimates
FY 2017-18 official estimate and FY 2016-17 estimate revision (June 2017).
Budget and Economic Update
June 07, 2017 | Economics and Other
Director Matt Knittel provided a budget and economic update to the Pennsylvania Institute of Certified Public Accountants (PICPA).
Actuarial Note for Senate Bill 1; A01354 and A01558
June 03, 2017 | Pension Analysis
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.
May 2017
June 01, 2017 | Revenue & Economic Update
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.