IFO Releases

Economic and Budget Update Presentation

January 31, 2024 | Economics and Other

Director Knittel made a presentation of the mid-year update to the House Budget Roundtable.

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Mid-Year Update FY 2023-24

January 30, 2024 | Revenue Estimates

The Independent Fiscal Office (IFO) released a mid-year update of its revenue estimate for fiscal year (FY) 2023-24 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.


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Revised Monthly Revenue Estimates

January 29, 2024 | Revenue Estimates

This report provides revised monthly General Fund revenue estimates for FY 2023-24 based on projections contained in the Official Revenue Estimate published by the IFO on June 20, 2023 (includes adjustments released with the original monthly estimates in August 2023) adjusted to reflect the impact of statutory changes that were enacted in conjunction with the remainder of the state budget in December 2023.

Tags: estimates, monthly, revenue

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Minimum Wage Impact on Hourly Wages

January 24, 2024 | Economics and Other

This research brief examines how a higher statutory minimum wage could impact lower-wage workers and provides employment and hourly wage estimates for certain lower-wage occupations to illustrate that Pennsylvania effective labor market minimum wage is likely in the range of $10.50 to $11.00 per hour.

Tags: brief, minimum, research, wage

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Tax Credits and Economic Development Incentives

January 09, 2024 | Economics and Other

This report presents data on Pennsylvania tax credits and economic development incentives for fiscal years (FY) 2018-19 through FY 2023-24. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. Fiscal year 2023-24 amounts are budgeted, authorized or projected and may differ from final amounts expended or awarded for the year. The report also highlights recent changes to incentive program spending or utilization.

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UGSOA Wage Contract Analysis

January 09, 2024 | Wage Contracts

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the United Government Security Officers of America (UGSOA).

Tags: analysis, contract, wage

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SNAP Policy Changes Expand Program

January 03, 2024 | Economics and Other

This research brief uses the latest data from the US Dept of Agriculture to examine post-pandemic SNAP trends. Since November 2019, policy and definition changes have increased the number of recipients by 16% and the average monthly benefit by 52%.

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December 2023 Revenue Update

January 02, 2024 | Revenue & Economic Update

The Commonwealth collected $3.70 billion in General Fund revenues for December, a decrease of $342.2 million (-8.5%) compared to December 2022.

Tags: estimates, monthly, revenue

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