Releases

As of July 2015, the Economic and Revenue Reports have been discontinued. They are now included in the Monthly Trend Reports.

IFO Releases

Mid-Year Update FY 2017-18

January 29, 2018 | Revenue Estimates

The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2017-18. The revised estimate is $34.780 billion, which is $35 million higher than the IFO’s November 2017 estimate. As part of the mid-year update, the IFO also provides an advance look at revenue projections for the next fiscal year. For FY 2018-19, revenues are projected to be $33.914 billion, a decrease of -2.5 percent over the current year. The presentation also addresses the impact of recent federal tax law changes on the Pennsylvania budget. The changes affect estimates for corporate net income, personal income and sales tax revenues in FY 2017-18 and FY 2018-19. The office will update the estimate in its next round of revenue projections to be released in early May.

Press Release

Full Report

Mid-Year Public Briefing

January 17, 2018 | Revenue Estimates

The Independent Fiscal Office will release a mid-year update for Fy 2017-18 General Fund revenues. The presentation will also include a discussion of the impact of federal tax law changes on the state economy and tax revenues and a preliminary revenue outlook for FY 2018-19.

Full Report

Revenue Estimate Performance

December 22, 2017 | Revenue Estimates

Examination of the performance of IFO revenue estimates for the past five budget cycles (December 2017).

Full Report

Updated Monthly and Quarterly Revenue Estimates

December 21, 2017 | Revenue Estimates

This report provides updated revenue distributions based on the estimates contained in the Official Monthly and Quarterly Revenue Estimates for Fiscal Year 2017-18 published by the IFO on August 10, 2017. The updated distributions reflect the statutory changes enacted with the state budget.

Full Report

Five Year Economic and Budget Outlook

November 16, 2017 | Revenue Estimates

This report examines the demographic, economic, revenue and expenditure trends that will affect the Commonwealth’s fiscal condition through fiscal year (FY) 2022-23. Based on the economic and demographic assumptions used by this report, the evaluation finds that various factors imply a long-term fiscal imbalance.

Press Release

IFO Presentation

PEW Presentation

Letter providing additional detail

Updated projections for the PSERS state share

Full Report

Quarterly Revenue Review 2017 Q3

November 03, 2017 | Revenue Estimates

The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections.

Full Report

Monthly and Quarterly Revenue Estimates

August 10, 2017 | Revenue Estimates

This report provides preliminary revenue distributions based on the FY 2017-18 projections contained in the Official Revenue Estimate published by the IFO on June 15, 2017. They do not reflect any potential statutory changes that may be enacted with the state budget.

Full Report

Quarterly Revenue Review 2017 Q2

August 02, 2017 | Revenue Estimates

The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections.

Full Report

Official Revenue Estimate FY 2017-18

June 15, 2017 | Revenue Estimates

FY 2017-18 official estimate and FY 2016-17 estimate revision (June 2017).

Methodology

Full Report

Quarterly Revenue Review 2017 Q1

May 05, 2017 | Revenue Estimates

The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections.

Full Report