This budget brief is the final in a series that provides analysis of the revenue proposals included in the 2026-27 Governor’s Executive Budget. The IFO projects that the proposals would generate $652 million in FY 2026-27 and $1.76 billion by FY 2030-31. Despite the new revenue initiatives, a $6.8 billion deficit remains by the end of the period.
This report provides a revenue estimate for the proposal to legalize recreational marijuana contained in the FY 2026-27 Governor's Executive Budget. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under Section 604-B (a)(4) of the Administrative Code of 1929. 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."
This report provides a revenue estimate for the proposal to tax and regulate skill games contained in the FY 2026-27 Governor's Executive Budget. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under Section 604-B (a)(4) of the Administrative Code of 1929. 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."
The Independent Fiscal Office (IFO) released a mid-year revenue update for fiscal year 2025-26 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.
The IFO will present its mid-year revenue update for the Commonwealth on January 28th at 1:30 PM. The update will include a discussion of recent economic trends, an updated financial statement for FY 2025-26 and an advance look at General Fund revenues for FY 2026-27.
Tags: analysis
This report provides revised monthly General Fund revenue estimates for FY 2025-26 based on projections contained in the Official Revenue Estimate published by the IFO on June 20, 2025 (includes adjustments released with the original monthly estimates in August 2025) adjusted to reflect the impact of statutory changes that were enacted in conjunction with the state budget in November 2025.
The Independent Fiscal Office released a one-page summary of highlights of its annual Fiscal Outlook for the General Fund. See the full report for additional detail not included in the one-page summary.
The Independent Fiscal Office (IFO) released its five-year Fiscal Outlook. Click the hyperlink above to view the report and presentation.
Due to recent developments with the state budget, the IFO will postpone its long-term fiscal outlook for FY 2025-26 to FY 2030-31 to November 20 at 1:30 pm. The report will include an assessment of the General Fund surplus and Rainy Day Fund under current law and policies.
See the announcement for a link to register for the presentation. Those already registered do not need to re-register.
The IFO released a budget brief that provides a General Fund update at the midpoint between the start of the fiscal year and release of its five-year outlook in November.