Releases

Revenue Estimates

IFO Releases

FIVE YEAR ECONOMIC AND BUDGET OUTLOOK

November 15, 2018 | Revenue Estimates

Click on the hyperlink above to access the full report, three presentations and press release.

 

Full Report

MONTHLY AND QUARTERLY REVENUE ESTIMATES

July 30, 2018 | Revenue Estimates

This report provides revenue distributions based on the FY 2018-19 projections contained in the Official Revenue Estimate published by the IFO on June 18, 2018. They reflect the statutory changes that were enacted with the FY 2018-19 state budget.

Full Report

Revenue Estimate Performance

July 25, 2018 | Revenue Estimates

This report examines the performance of IFO revenue estimates for the past six budget cycles.

Full Report

Official Revenue Estimate FY 2018-19

June 18, 2018 | Revenue Estimates

The official revenue estimate for FY 2018-19 and updated estimates for FY 2017-18.

Methodology

Full Report

Initial Revenue Estimate FY 2018-19

May 01, 2018 | Revenue Estimates

The initial revenue estimate for FY 2018-19 and updated estimates for FY 2017-18.

Press Release

Presentation

Full Report

Analysis of Revenue Proposals in the 2018-19 Executive Budget

April 18, 2018 | Revenue Estimates

This report provides estimates for the revenue proposals contained in the 2018-19 Executive Budget released February 2018. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under 71 Pa.C.S. § 4104. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget.” 

Full Report

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

Revenue Estimate Performance

December 22, 2017 | Revenue Estimates

This report examines the performance of IFO revenue estimates for the past five budget cycles.

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