Releases

IFO Releases

July 2021 Revenue Update

August 02, 2021 | Revenue & Economic Update

The Commonwealth collected $2.70 billion in General Fund revenues for July, a decrease of $1.40 billion (-34.2%) compared to July 2020. July 2020 collections included roughly $1.62 billion in revenue that was shifted from FY 2019-20 due to the COVID-19 pandemic. Excluding this shift, July 2021 revenues exceeded the prior year by $216.2 million (8.7%).

Tags: estimates, monthly, revenue

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Labor Market Update- July 2021

July 19, 2021 | News Stand & Other

The IFO issued a new monthly publication that tracks the state labor market. The labor market improved in June as pandemic-related job losses declined following stagnation in previous months. 

Tags: labor, market, update

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July 2021 Economic Update

July 14, 2021 | 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. 

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State Pension System Update

July 13, 2021 | News Stand & Other

Director Matthew Knittel provided a state pension system update for the PICPA Not-for-Profit and Government Accounting Conference.

Tags: pension, presentation

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June 2021 Revenue Update

July 02, 2021 | Revenue & Economic Update

The Commonwealth collected $40.39 billion in General Fund revenues for FY 2020-21, an increase of $8.12 billion (25.1%) from the prior fiscal year.

Tags: estimates, monthly, revenue

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Labor Market Update - June 23, 2021

June 23, 2021 | News Stand & Other

The IFO released its second edition of a new monthly publication that tracks conditions in the state labor market. Despite significant federal stimulus and job openings/quit rates at series highs, the May payroll jobs data do not reveal any reduction in pandemic-related job losses. 

Tags: labor, market, update

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Official Revenue Estimate FY 2021-22

June 22, 2021 | Revenue Estimates

The Independent Fiscal Office (IFO) released its official revenue estimate for FY 2021-22. Updated estimates for FY 2020-21 are included.

Methodology

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Economic and Revenue Update

June 17, 2021 | News Stand & Other

Director Matthew Knittel provided a brief economic and revenue update for the PACP Chamber Day.

Tags: budget, economic, presentation

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June 2021 Economic Update

June 17, 2021 | 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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Impact Fee Update and Outlook 2021

June 09, 2021 | Natural Gas

This update examines 2020 impact fee collections and provides an outlook for 2021. The Commonwealth collected $146.3 million in impact fees for 2020, a $54.1 million decrease from 2019 and the lowest amount since the fee's inception.

Tags: gas

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