IFO Releases
February 2024 Revenue Update
March 01, 2024 | Revenue & Economic Update
The Commonwealth collected $2.77 billion in General Fund revenues for February, an increase of $31.1 million (1.1%) compared to February 2023 (adjusted).
Tax Modernization and Reform Presentation
March 01, 2024 | Economics and Other
Director Knittel made a presentation to the House Finance Subcommittee on Tax Modernization and Reform.
Based on a request from Chair Rabb, the presentation was updated to add an additional slide that displays the income distribution for self-employment and S corporation/partnership income.
Negative Revision to PA Job Gains Expected
February 29, 2024 | Economics and Other
This research brief examines the implications of a recent QCEW data release for state payroll jobs data.
Summary and Analysis of Annual PSERS Stress Test Report
February 28, 2024 | Pension Analysis
Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the Public School Employees Retirement System’s (PSERS) recent stress test report. Based on PSERS’ baseline projections, the IFO projects that from FY 2024-25 to FY 2051-52, the Commonwealth will use $53.0 billion in General Fund revenues (2.7%) for the state’s share of public school employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance to exceed and fall short of assumptions.
Natural Gas Quarterly Update, 2023 Q4
February 26, 2024 | Energy
This document uses data from the Pennsylvania Department of Environmental Protection and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices.
Tags: gas, natural, production
Economic Update
February 22, 2024 | Economics and Other
Director Knittel provided an economic update at the Economic Forecast and Business Leadership Summit.
2024 Budget Hearing Materials
February 20, 2024 | Economics and Other
The Independent Fiscal Office submitted materials to the Senate Appropriations Committee ahead of its budget hearing. The packet includes data on the state budget, revenue proposals, economy, revenues, demographics and other miscellaneous topics.
2024 Wage Contracts Summary Table
February 16, 2024 | Wage Contracts
This table provides an up-to-date summary of the recent wage contracts analyzed by the IFO. Additional estimates will be provided after the relevant contract detail has been transmitted to the IFO by the Office of Administration.
ALES Wage Contract Analysis
February 16, 2024 | Wage Contracts
The Independent Fiscal Office (IFO) has issued a cost analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Association of Liquor Enforcement Supervisors (ALES).
SEIU Local 668 - UC Referees Wage Contract Analysis
February 15, 2024 | Wage Contracts
The Independent Fiscal Office (IFO) has issued a cost analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Service Employees International Union (SEIU) Local 668 Unemployment Compensation (UC) Referees.