April 23, 2020 | Revenue Estimates
This report provides estimates for the revenue proposals contained in the 2020-21 Executive Budget released February 2020. 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.”
April 08, 2020 | Revenue Estimates
The IFO released an updated revenue projection for FY 2019-20 and a preliminary projection for FY 2020-21 using two scenarios for business closures due to the COVID-19 virus. The release also discusses the impact on economic growth rates and federal stimulus monies that are projected to flow into the state economy.
April 01, 2020 | Revenue & Economic Update
The Commonwealth collected $4.4 billion in General Fund revenues for March, a decline of $118.1 million compared to March 2019. The IFO estimates that the outbreak of the COVID-19 virus reduced monthly collections by $200 million.