The initial revenue estimate for FY 2017-18 and updated estimates for FY 2016-17.
The Commonwealth collected $3.43 billion in General Fund revenues for April, a decrease of $227.0 million (-6.2%) compared to April 2016. Fiscal year-to-date revenues were $25.82 billion, a decrease of $73.1 million (-0.3%) from the prior year.
The IFO has released new projections regarding school property tax elimination. The document projects the school property tax revenues that would be eliminated, and thus subject to replacement, under legislation that may be introduced in the near future (the relevant parameters are summarized in the document). The projection builds upon a school property tax forecast the IFO released in January of this year.
This report provides revenue estimates for the tax proposals contained in the 2017-18 Executive Budget released February 2017. 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.”
Note: A clarifying sentence was added to page 16 since the original publication. (Revised on April 7, 2017)
The Commonwealth collected $4.42 billion in General Fund revenues for March, a decrease of $64.5 million (-1.4%) compared to March 2016. Fiscal year-to-date revenues were $22.39 billion, an increase of $153.9 million (0.7%) from the prior year.
Act 7 of 2016 requires the Independent Fiscal Office (IFO) to provide technical assistance to the Joint State Government Commission (JSGC) for a study related to various aspects of the Pennsylvania horse racing industry. The IFO agreed to provide analysis and text necessary to address the statutory requirement that the report include “a determination of the economic return to the Commonwealth, racetrack operators, horsemen, breeders and other stakeholders on the investment of gaming assessments collected under the act of July 5, 2004 (P.L.572, No.71).”
This report is the IFO's submission to the JSGC in fulfillment of this requirement.
Note: Tables D and I (pages 8 and 21) and supporting text were updated since the original publication. (Revised March 13, 2017)
Letter to Rep. Stephens in response to questions regarding the IFO analysis. (March 28, 2017)
The IFO responds to a request regarding the impact of Philadelphia’s local cigarette and beverage taxes on state revenue collections.
The letter has been revised to include current footnotes 3 and 6, which provide additional context for the assumptions used by the analysis. (Revised on March 20, 2017)
The IFO provided additional information to members of the Senate Appropriations Committee in response to requests made at its recent budget hearing.
The IFO provided additional information to members of the House Appropriations Committee in response to requests made at its recent budget hearing.
Pursuant to section 604-B(a)(8) of the Administrative Code of 1929, the Independent Fiscal Office has prepared a cost analysis of the collective bargaining agreements between the Commonwealth of Pennsylvania and the following unions:
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Independent State Stores Union (ISSU)
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Pennsylvania Social Services Union (PSSU), Hearing Officers