Releases

IFO Releases

Pennsylvania Electricity Update

March 07, 2024 | Energy

This report utilizes data from the U.S. Energy Information Administration to display recent trends for the Pennsylvania and regional electricity markets. The report examines recent trends in net generation, net exports, CO2 emissions and prices.

Full Report

Senate Budget Hearing Request

March 06, 2024 | Economics and Other

The Independent Fiscal Office (IFO) responded to requests for additional information raised at the office’s budget hearing before the Senate Appropriations Committee. The requests relate to an adjusted financial statement, public assistance savings resulting from a higher minimum wage, impact of the Ohio rate structure on Pennsylvania tax liability, net migration for Pennsylvania, regional student loan debt comparison and U3 and U6 unemployment rates.

Full Report

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).

Tags: estimates, monthly, revenue

Full Report

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.

 

Full Report

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.

Full Report

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.

Tags: analysis, pension, psers

Full Report

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

Full Report

Economic Update

February 22, 2024 | Economics and Other

Director Knittel provided an economic update at the Economic Forecast and Business Leadership Summit.

Full Report

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.       

Full Report

ALES Wage Contract Analysis

February 16, 2024 | Wage Contracts

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Association of Liquor Enforcement Supervisors (ALES).

Tags: analysis, contract, wage

Full Report