IFO Releases
PA Worker Earnings Catch Up to Inflation
November 30, 2023 | Economics and Other
The COVID-19 pandemic caused an inflation surge and wage pressures due to worker shortages and strong demand. This research brief uses the latest published data to examine how those outcomes affected real wages and earnings for the average or typical Pennsylvania private sector worker.
November 2023 Monthly Economic Update
November 29, 2023 | Revenue & Economic Update
The Monthly Economic Update provides data and insight on current trends that impact the state economy.
Act 1 Index Reaches New High
November 28, 2023 | Property Tax
The Act 1 index limits the annual increase in school district millage rates. For FY 24-25, PDE recently certified an all-time high value (5.3%). This report examines the factors that drive that outcome and provides projections through FY 28-29.
Five-Year Economic and Budget Outlook
November 15, 2023 | Revenue Estimates
The Independent Fiscal Office (IFO) released its five-year Economic and Budget Outlook. Click the hyperlink above to view the report and presentations.
2023 Wage Contracts Summary Table
November 09, 2023 | Wage Contracts
This table provides an up-to-date summary of the recent wage contracts analyzed by the IFO. Additional estimates will be provided after the relevant contract detail has been transmitted to the IFO by the Office of Administration.
PLEA Wage Contract Analysis
November 09, 2023 | Wage Contracts
This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania Liquor Enforcement Association (PLEA).
Economic and Budget Outlook
November 08, 2023 | Revenue Estimates
The IFO will release its long-term budget outlook for FY 2023-24 to FY 2028-29 on November 15 at 1:30 pm. Long-term issues that impact the outlook include the expiration of federal relief programs, a rapidly expanding 75+ age cohort and the depletion of surplus balances that currently generate significant interest income. See the announcement for a link to register for the presentation.
Tags: budget, economic, outlook, presentation
October 2023 Revenue Update
November 01, 2023 | Revenue & Economic Update
The Commonwealth collected $3.25 billion in General Fund revenues for October, an increase of $121.4 million (3.9%) compared to October 2022.
CIVEA Wage Contract Analysis
October 26, 2023 | Wage Contracts
This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Correctional Institution Vocational Education Association (CIVEA).
Pennsylvania's Strained Nursing Homes
October 25, 2023 | Economics and Other
The IFO posted a new research brief that discusses placement waitlists and potential cost implications from the contraction in nursing home capacity since 2019.