The Independent Fiscal Office (IFO) released a mid-year revenue update for fiscal year 2025-26 and provided an advance look at revenue projections for the next fiscal year. The IFO will update the estimate in its next round of revenue projections released in late May.
The IFO published a new research brief that provides a summary of investment performance and funded status for the two state pension systems. The brief shows that SERS and PSERS have out-performed their investment return assumptions over 3-, 5- and 10-year periods and increased their respective funded status to nearly 70% (SERS) and 67% (PSERS). The document also provides an update on active membership by pension plan type following the enactment of Act 5 of 2017.
As required by statute, the IFO submitted an economic impact report for the Eastern Sectional Synchronized Skating Championship in Dauphin County (January 2025) to the General Assembly. The analysis finds that economic activity related to the event generated $2.6 million in statewide spending and $102,000 in select state and local taxes.
The IFO published a budget brief that uses the latest SNAP benefits data for December 2025. For the second consecutive month, the data show that the number of enrollees declined by 160,000 (-8%) from the prior year as new work requirements took effect.
The IFO will present its mid-year revenue update for the Commonwealth on January 28th at 1:30 PM. The update will include a discussion of recent economic trends, an updated financial statement for FY 2025-26 and an advance look at General Fund revenues for FY 2026-27.
Tags: analysis
The IFO released a new research brief that uses data from the Pennsylvania Department of Education and Philadelphia Office of Property Assessment to compare median homestead school property taxes by county.
The Commonwealth collected $4.97 billion in General Fund revenues for December, an increase of $1.20 billion (+31.7%) compared to December 2024.
Director Knittel submitted content for publication in the CPA Now blog posted on December 22, 2025. The blog discusses the $5 billion structural deficit for FY 25-26 and provides background on income and sales tax that might be used to address it.
This report presents data on Pennsylvania tax credits and economic development incentives for fiscal years (FY) 2020-21 through FY 2025-26. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. Fiscal year 2025-26 amounts are budgeted, authorized or projected and will differ from final amounts claimed or awarded. The report also highlights recent changes to incentive program spending or utilization.
The IFO published a new budget brief that uses the latest SNAP benefits data for November 2025. The data show that the number of enrollees declined by 158,000 (-8%) from the prior year as new work requirements take effect.