Releases

Revenue & Economic Update

IFO Releases

July 2020 Revenue Update

August 03, 2020 | Revenue & Economic Update

The Commonwealth collected $4.10 billion in General Fund revenues for July, an increase of $1.77 billion compared to July 2019. The IFO estimates that roughly $1.62 billion of the increase was associated with extended tax due dates related to the COVID-19 pandemic. 

Tags: estimates, monthly, revenue

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July 2020 Economic Update

July 23, 2020 | Revenue & Economic Update

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, news

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June 2020 Revenue Update

July 01, 2020 | Revenue & Economic Update

The Commonwealth collected $32.28 billion for FY 2019-20, a decline of $2.58 billion (-7.4 percent) from the prior fiscal year. The IFO projects that business closures and mitigation efforts related to the COVID-19 virus resulted in (1) $1.36 billion in lost revenue from reduced economic activity and (2) $1.91 billion that shifts to FY 2020-21 as a result of extended tax due dates. 

Tags: estimates, monthly, revenue

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June 2020 Economic Update

June 17, 2020 | 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, news

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May 2020 Revenue Update

June 01, 2020 | Revenue & Economic Update

The Commonwealth collected $2.11 billion in General Fund revenues for May, a decline of $510.7 million compared to May 2019. The IFO estimates that the COVID-19 virus reduced monthly collections by $515 million due to the impact of continued business closures and other mitigation efforts to slow the spread of the COVID-19 virus.

Tags: estimates, monthly, revenue

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May 2020 Economic Update

May 20, 2020 | Revenue & Economic Update

The May 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, news

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April 2020 Revenue Update

May 01, 2020 | Revenue & Economic Update

The Commonwealth collected $2.18 billion in General Fund revenues for April, a decline of $2.23 billion compared to April 2019. The IFO estimates that the COVID-19 virus reduced monthly collections by $2.12 billion due to business closures, delayed payment processing and the extension of some tax due dates.

Tags: estimates, monthly, revenue

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April 2020 Economic Update

April 22, 2020 | Revenue & Economic Update

The April 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, news

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March 2020 Revenue Update

April 01, 2020 | Revenue & Economic Update

The Commonwealth collected $4.4 billion in General Fund revenues for March, a decline of $118.1 million compared to March 2019. The IFO estimates that the outbreak of the COVID-19 virus reduced monthly collections by $200 million.

Tags: estimates, monthly, revenue

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February 2020

March 02, 2020 | Revenue & Economic Update

The Commonwealth collected $2.17 billion in General Fund revenues for February, an increase of $125.9 million compared to February 2019.

Tags: economic, estimates, monthly, revenue

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