IFO - Releases

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

IFO Releases

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.”

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

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.

Revenue Estimate Performance

December 22, 2017 | Revenue Estimates

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

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.

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

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.

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.