January 29, 2019 | Revenue Estimates
The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2018-19. The revised estimate is $34.272 billion, which is $373 million higher than the IFO’s offical 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 2019-20, revenues are projected to be $35.272 billion, an increase of 2.9 percent over the current year. The office will update the estimate in its next round of revenue projections to be released in late May.
January 24, 2019 | Natural Gas
This research brief uses recent data published by the Department of Environmental Protection to project CY 2018 Impact Fee collections.
January 22, 2019 | Performance Budgeting
The IFO has posted a revised agenda for the upcoming performance-based budget and tax credit review hearings.
January 18, 2019 | Performance Budgeting
Click on the hyperlink above to access the five performance-based budget reviews and presentations.
January 18, 2019 | Tax Credit Review
Click on the hyperlink above to access the (1) Film Production Tax Credit, (2) Historic Preservation Tax Credit, (3) New Jobs Tax Credit and (4) summary PowerPoint presentation.
January 16, 2019 | Performance Budgeting
The IFO has posted the agenda for upcoming performance-based budget and tax credit review hearings.
January 02, 2019 | Revenue & Economic Update
The Commonwealth collected $2.91 billion in General Fund revenues for December, an increase of $89 million (3.1%) compared to December 2017. Fiscal year-to-date revenues are $15.3 billion, an increase of $1.04 billion (7.3%) from the prior year.