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Inflation Eroding Real Wages and Pension Benefits

The IFO published a new research brief that examines the impact of inflation on the real earnings of Pennsylvania workers and the real value of public pension benefits.

Tags: inflation, pension, wages

State Pension System Testimony

Director Matthew Knittel provided testimony regarding the state pension systems to the House State Government Committee, Subcommittee on Public Pensions, Benefits and Risk Management.

Tags: pension, presentation

State Pension System Update

Director Matthew Knittel provided a state pension system update for the PICPA Not-for-Profit and Government Accounting Conference.

Tags: pension, presentation

Inflation Eroding Real Wages and pension Benefits

The IFO published a new research brief that examines the impact of inflation on the real earnings of Pennsylvania workers and the real value of public pension benefits.

10/19/2021

Public pension Status and Outlook

The IFO released a research brief that provides a status update and outlook for public pension systems in Pennsylvania. Data for state and local systems show that while the fiscal health of public pension systems has improved in recent years, the overall unfunded liability remains significant.

09/28/2021

State pension System Testimony

Director Matthew Knittel provided testimony regarding the state pension systems to the House State Government Committee, Subcommittee on Public pensions, Benefits and Risk Management.

08/19/2021

State pension System Update

Director Matthew Knittel provided a state pension system update for the PICPA Not-for-Profit and Government Accounting Conference.

07/13/2021

Stress Testing Public pensions

Deputy Director Mark Ryan gave a presentation on Stress Testing Public pensions at the NCSL Legislative Fiscal Directors Pre-Conference.

07/30/2018

IFO Update on Selected Fiscal Topics and Pennsylvania Demographics

Deputy Director Mark Ryan made a presentation to the annual conference of the Pennsylvania Association of School Business Officials and provided updates on topics addressed in recent IFO analyses. The topics included 1) school property tax forecasts and analysis, 2) Pennsylvania demographic trends, 3) the most recent IFO revenue estimates for FY 2017-18 and FY 2018-19 and 4) the impact of pension changes resulting from Act 5 of 2017. 

03/09/2018

UGSOA Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

03/08/2018

Budget Hearings Packet for Appropriations Committees

The Independent Fiscal Office submitted material to the House and Senate Appropriations Committees in advance of its scheduled budget hearings on Tuesday, February 20.  The hearings packet contains a brief background on the Independent Fiscal Office and its responsibilities, along with a list of the reports and analyses published since January 2017. It also provides data regarding the economic and revenue outlook, demographics, pensions, and natural gas. Testimony Supplemental Table

02/16/2018

ALES Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

02/16/2018

Actuarial Impact of Act 5 - School District pension Contributions

Deputy Director Mark Ryan made a presentation to the Pennsylvania School Boards Association (PSBA) regarding the impact of recently enacted pension legislation (Act 5 of 2017) on school district pension contributions.

06/28/2017

Budget Hearing Packet for Appropriations Committees

The IFO has compiled information for the House and Senate Appropriations Committees in advance of its scheduled testimony on Tuesday, February 21.  The hearing packet contains a brief background on the Independent Fiscal Office and its responsibilities, along with a list of the reports and analyses published since January 2016. It also provides data regarding the economic and revenue outlook, demographics, pensions, and natural gas.    Download a version for optimized web viewing

02/16/2017

PFBC Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

02/02/2017

Five Year Economic and Budget Outlook

This report examines the demographic, economic, revenue and expenditure trends that will affect the Commonwealth’s fiscal condition through fiscal year (FY) 2021-22. Based on the economic and demographic assumptions used by this report, the evaluation finds that various factors imply a long-term fiscal imbalance. Press Release IFO Presentation Don Boyd's Presentation on Public pension Risk

11/15/2016

AFSCME Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

09/27/2016

SEIU Wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

09/27/2016

Pennsylvania Public pensions: Background on the Unfunded Liabilities

Deputy Director Mark Ryan made a presentation to the Rotary Club of Harrisburg regarding the unfunded liabilities in Pennsylvania's public pension systems. (4/11/2016)

04/11/2016

Shared-Risk pension Analysis

This letter provides a statutorily required report analyzing the implementation of the shared-risk pension provisions introduced by Act 120 of 2010.

12/18/2015

2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

employee retirement systems and to report thereon to the Governor and the General Assembly. Pursuant to that mandate and the pension funding issues brought about by the recent recession and weak recovery, the Commission initiated a study of the current funding designs, the reforms adopted in other jurisdictions, and other matters specific to the fragmented nature of Pennsylvania’s local government pension plans. In addition, the Commission issued an open call for interested parties to express their ideas, and conducted a series

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Public Employee Retirement Laws of PA Local Governments (2009).pdf

of Pennsylvania Revised: January 2009 This publication is intended to serve as a general guide to selected Pennsylvania local government pension laws, and is not intended as a comprehensive guide to Pennsylvania public pension laws, nor is it intended to provide legal, accounting, actuarial or other professional advice and should not be utilized as

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2007_divestment_complete_report.pdf

Bill Analyses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Part IV. Policy Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 – Departure from Current Practice Regarding Restrictive Investment Mandates . . . . . . . . . . . . 23 – Fiduciary Duties of Pension Plan Trustees . . . . . . . . . . . . . . . . 24 – Investment Authority of the Retirement Boards . . . . . . . . . . . . 24 – Absence of Authoritative Guidance . . . . . . . . . . . . . . . . . . . . . 25 – Sanctioned Companies and Pennsylvania Economic divestment of securities and shares of companies that do business with targeted nations. Probably because of the ascendance of public pension systems as major institutional investors, divestment legislation frequently addresses the investment activities of those systems, to the exclusion of other

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2002_drop_report.pdf

of existing retirement plans, DROPs represent a means to permit retired public employees to continue employment, defer receipt of their pension benefits, and accumulate retirement savings. For public employers, DROPs represent a means to extend the service periods of older, experienced used in retirement is the primary attraction. Also, during the DROP period, employees may experience increased take-home pay because pension contributions typically are not required. DROPs are particularly advantageous to employees who are members of pension plans that do not

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2002_dbdc_report.pdf

Related to Selected Issues Related to Governmental Defined Benefit & Governmental Defined Benefit & Governmental Defined Benefit & Governmental Defined Benefit & Defined Contribution Pension Plans Defined Contribution Pension Plans Defined Contribution Pension Plans Defined Contribution Pension Plans A report to the General Assembly of the Commonwealth of Pennsylvania

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ACN_SB1071_A10803_text.pdf

and inserting Amending Titles 24 (Education), 51 (Military Affairs) and 71 (State Government) of the Pennsylvania Consolidated Statutes, extensively revising pension provisions as follows: In Title 24: for retirement for school employees, in the areas of preliminary provisions, of membership, contributions for health insurance for retired school employees, in the area of preliminary provisions. In Title 51: for employment preferences and pensions, in the area of military leave of absence. In Title 71: for boards and offices, in the area of Independent

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ACN_SB1_A01354_A01558_2017_06_03a.pdf

points for PSERS and 8 percentage points for SERS. See pages 16 to 17 for details. Investment Fees The Public Pension Management and Asset Investment Review Commission will recommend expenditure reductions to provide $3.0 billion in actuarial savings on a Employees’ Retirement System (PSERS) and the State Employees’ Retirement System (SERS) (Systems) administer governmental, cost-sharing, multiple-employer defined benefit pension plans. The plans provide retirement allowances and other benefits, including disability and death benefits, to public school and state government

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Pensions

IFO - Pensions IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Pensions Legislation Enacted - Municipal Municipal Pension Legislation Enacted Since 2001 Legislative Session 2015 - 2016 Act 2015 - 63 ( House Bill Number 239

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2006_surviving_spouse_healthcare_study.pdf

proposed legislation affecting public employee retirement systems in the Commonwealth, to administer the actuarial reporting and funding requirements for municipal pension plans, to study the Commonwealth’s public employee retirement system operations and policies on an ongoing basis, and to formulate and recommend necessary legislative remedies in matters of public pension policy. On September 27, 2005, the Pennsylvania House of Representatives adopted House Resolution Number 161, which directed the Public Employee

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Five_Year_Outlook_2020.pdf

24 Other Revenue Sources ................................................................................................................. 25 Section 5: Expenditure Outlook .............................................................................................. 27 Current Services Versus Cost-to-Carry Baselines .............................................................................. 30 General Fund Pensions .................................................................................................................. 31 General Fund Debt Service ............................................................................................................. 33 Human Services ............................................................................................................................ 33 Education ..................................................................................................................................... 36 Criminal Justice ............................................................................................................................. 37 All Other Expenditures ................................................................................................................... 39 Section 6 The first forecast represents a “cost to carry” concept and only includes increases in mandatory spending such as debt service, pension contributions and entitlement programs. The second forecast assumes that expenditures grow in a manner that is sufficient to maintain the

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Five_Year_Outlook_2021.pdf

Income Tax .............................................................................................26 Other Revenue Sources ..................................................................................................27 Expenditure Outlook .......................................................................................................... 29 Current Services Versus Cost-to-Carry Baselines ...............................................................33 General Fund Pensions ...................................................................................................34 Human Services .............................................................................................................36 Education ......................................................................................................................39 Criminal Justice .............................................................................................................41 All Other Expenditures ....................................................................................................42 Fiscal Outlook ................................................................................................................... 45 Appendix .......................................................................................................................... 47 - This page expenditures expand at an average rate of 3.0% per annum. Overall growth is restrained by low growth in employer pension contributions. When combined with available revenues, the projected operating deficit peaks in FY 2024-25 at $2.0 billion and

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2000_cost_of_living_adjustments.pdf

employee retirement systems in Pennsylvania, to administer the actuarial reporting and funding requirements for the Commonwealth’s 2,900 municipal pension plans, to study the Commonwealth’s public retirement system operations and policies on an ongoing basis and to formulate and systems. Indirect - In 18% of the retirement systems, the costs of COLAs are funded by reallocating existing assets of the pension trust funds, with variation in the source of the reallocated assets determining the specific method being employed. INDIRECT INVESTMENT GAINS

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RB_2021_09_Pension_Outlook.pdf

The Independent Fiscal Office (IFO) publishes this research brief to provide an update on the status of public pension funds in the Commonwealth. The text that follows uses the latest data to provide a current snapshot and short-term projection of the financial outlook for the state’s pension systems and potential implications for the state budget. Notable Legislation As part of its statutory duties, the IFO works with

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Smetters_Presentation_Full.pdf

Advances in Public Policy Modeling The Penn Wharton Budget Model Kent Smetters \ November, 15 2018 Overview Penn Wharton Budget Model 2 1) Use cutting-edge economic modeling, data science and cloud computing to provide policymakers and support

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Five_Year_Outlook_2019.pdf

tabu- lations from the 2018 Population Estimates by the U.S. Census Bureau and data supplied by the Penn- sylvania Department of Health. Historical revenue and expenditure data are from the Governor’s Exec- utive Budget, the state accounting system and Section 5: Expenditure Outlook .......................................................................................... 31 Current Services Versus Cost-to-Carry Baselines ...............................................................34 Expenditure Extrapolators ...............................................................................................36 General Fund Pensions ...................................................................................................37 General Fund Debt Service .............................................................................................39 Human Services .............................................................................................................41 Education ......................................................................................................................43 Criminal Justice .............................................................................................................47 State Police ...................................................................................................................48 All Other Expenditures....................................................................................................49 Section

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PBB_2021_DMVA_REPORT_ADDENDUM.pdf

1 $4.8 -- 9.1 15.6 32.6 Transfer to EAP Fund -- -- 13.3 -- -- -- 13.3 Amputee & Paralyzed Vet Pension -- 3.7 -- -- -- -- 3.7 Veterans Outreach Services -- 3.1 -- -- -- -- 3.1 NG Youth ChalleNGe Program -- -- -- $1.5 -- -- 1.5 Armory Maintenance and Repair -- -- -- -- 1.1 -- 1.1 Disabled American Vet. Transport. -- 0.3 -- -- -- -- 0.3 Blind Veterans Pension -- 0.2 -- -- -- -- 0.2 Supplemental Life Insur. Premiums -- -- 0.2 -- -- -- 0.2 Education of Veterans Children -- 0.1 -- -- -- -- 0.1

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2004_srpvffinal.pdf

Commonwealth of Pennsylvania Public Employee Retirement Commission Public Pension Policy and Funding Considerations Associated with the Implementation of a Statewide Volunteer Firefighter Retirement System In Pennsylvania A report to of the Commonwealth of Pennsylvania in Response to House Resolution No. 452 Adopted in the Session of 2003-2004 Public Pension Policy and Funding Considerations Associated with the Implementation of a Statewide Volunteer Firefighter Retirement System In Pennsylvania Commonwealth of Pennsylvania

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IFO - Economic and Budget Outlook - January 2012.pdf

for the US and Pennsylvania are from the January 2012 forecast by Global Insight, Inc. Demographic projections are from the Penn State Data Center based on tabulations from the 2010 Census. Historical revenue and expenditure data are from the Commonwealth’s Commonwealth peaks in 2014 (3.2 percent) with elevated unemployment (7.1 percent). Demographic Trends From 2010 to 2020, the Penn State Data Center projects that: • Total population will increase 2.3 percent (0.2 percent per annum). • Elderly residents over

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IFO Five-Year Outlook.pdf

s Presentation  Report posted to IFO website: www.ifo.state.pa.us.  Demographic Outlook  New projections from Penn State Data Center.  Economic Outlook  Latest projections from IHS Global Insight.  Expenditure Outlook  Special focus on healthcare and pensions.  Guest speaker: Ms. Katharine Witgert (NASHP).  Revenue Outlook  Where will growth come from? The Economic and Budget

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Single-Use Plastics Report-2020_06.pdf

Taylor, Fiscal Analyst II Mr. Taylor joined the IFO in December 2018. Primary responsibilities include state and local pension anal- ysis, retiree healthcare and other post-employment benefits and performance-based budgeting for agencies such as the Department of Community and IFO submitted questions for the Spring 2020 Lion Poll conducted by the Center for Survey Research (CSR) at Penn State Harrisburg. 18 The poll was conducted between February and April 2020 and includes 1,051 responses representative of households across the

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Boyd PA IFO November 2016.pdf

Public Pension Funding Risk: Pennsylvania in the National Context Pennsylvania Independent Fiscal Office Annual Presentation Harrisburg, PA Don Boyd, Director of Fiscal 2016 Main points •Despite large contribution increases (> avg in PA) and benefit cuts (primarily for new workers), U.S. public pension underfunding remains near record, almost as severe as at end of recession •Underfunding varies greatly. PA pensions significantly underfunded. •As

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Pensions

IFO - Pensions IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Pensions Database Search Database Search - 15 Results genReport Generate Report • Search Form • Results Bill # Subject Printer # Sponsor Synopsis HR 59 Summary

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Response-Letter-09-12-2019-Part-2.pdf

Survey (PUMS), U.S. Census Bureau. For computations that use ACS data, all tabulations reflect the imputation of retirement income (pensions and IRA withdrawals) by the IFO to households that do and do not report the receipt of such income during Current Allocation Impact for $1,500 Version East Allegheny 960,519 -730,000 East Lycoming 533,140 -405,000 East Penn 1,835,681 -1,395,000 East Pennsboro Area 678,347 -515,000 East Stroudsburg Area 4,347,524 -3

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Presentation_Rotary_Club_of_York_7-15-2015.pdf

Mark J. Ryan, Deputy Director Independent Fiscal Office presented to the Background for the Pension Debate Rotary Club of York July 15, 2015 Role of the Independent Fiscal Office. Overview of the two major state pension plans and their funding. Unfunded liabilities: How did they occur? What are the projected trends? Five-year projections (current law

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Independent Fiscal Office

Independent Fiscal Office IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Independent Fiscal Office Revenue Estimates Revenue & Economic Update Performance Budgeting Natural Gas Pension Analysis Property Tax Wage Contracts Tax Credit Review News Stand & Other Featured Releases November 2021 Revenue Update Revenue & Economic Update change in payroll jobs is -384,800, compared to -365,500 for August. ... (Full Report) Inflation Eroding Real Wages and Pension Benefits News Stand & Other October 19, 2021 The IFO published a new research brief that examines the impact of inflation

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Presentation_Pension_Town_Hall_3-26-2015.pdf

Mark J. Ryan, Deputy Director Independent Fiscal Office presented to the Town Hall Meeting on Pension Reform Background for the Pension Debate Pennsylvania NewsMedia Association Foundation Pennsylvania Chamber of Business and Industry March 26, 2015  Role of the Independent Fiscal

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Budget Hearings Packet.pdf

2016. Finally, the office is responsible for coordinating analyses and issuing actuarial notes for legislation proposing changes to public employee pension or retirement plans pursuant to Act 100 of 2016. The office has filled vacant positions and bolstered staffing to meet Office resources are also used for the following purposes: (1) coordinate and facilitate actuarial analysis of proposed changes to the pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals

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Budget Hearings Packet- Web Version.pdf

2016. Finally, the office is responsible for coordinating analyses and issuing actuarial notes for legislation proposing changes to public employee pension or retirement plans pursuant to Act 100 of 2016. The office has filled vacant positions and bolstered staffing to meet Office resources are also used for the following purposes: (1) coordinate and facilitate actuarial analysis of proposed changes to the pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals

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Presentation_Harrisburg_Rotary_4-11-2016.pdf

Mark J. Ryan, Deputy Director Independent Fiscal Office presented to the Pennsylvania Public Pensions: Background on the Unfunded Liabilities Rotary Club of Harrisburg April 11, 2016  Role of the Independent Fiscal Office. Overview of the two major state pension plans and their funding. Unfunded liabilities: How did they occur? What are the projected trends? Five‐year projections (current law

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PBB_2021_DHS_REPORT_ADDENDUM.pdf

operating in Pennsylvania. Similarly, cervical cancer screenings ranged from a low of 53% to a high of 71%. AmeriHealth Caritas Penn- sylvania ranked first for both screen- ing measures while Aetna Better Health ranked last for both measures. In general, PH- degree/GED Employed Homeless Health insurance Incarcerated PA U.S. Long-term outcomes for for- mer foster care youth in Penn- sylvania are comparable to the na- tional average. The share that have health insurance (Medicaid or other health insurance) and

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Pensions

IFO - Pensions IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Pensions Legislation Enacted - School and State School and State Pension Legislation Enacted Since 2001 Legislative Session 2017 - 2018 Act 2017 - 5

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State_Tax_Comparison_2020_11.pdf

summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security, various medical and income maintenance benefits). Similar to other published by the U.S. Bureau of Economic Analysis. 1 The analysis adds capital gains income, IRA withdrawals and pension distributions to state personal income and deducts employer contributions to pension and health plans and imputed interest income. 2 Overall, these adjustments

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State-Tax-Comparison-2020-01.pdf

summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security, various medical and income maintenance benefits). Similar to other published by the U.S. Bureau of Economic Analysis. 1 The analysis adds capital gains income, IRA withdrawals and pension distributions to state personal income and deducts employer contributions to pension and health plans and imputed interest income. 2 Overall, these adjustments

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SR2017-03.pdf

is the summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security, various medical and income maintenance benefits). Similar to as computed by the U.S. Bureau of Economic Analysis. 1 The analysis adds capital gains income, IRA withdrawals and pension distributions to state personal income. 2 The analysis deducts employer contributions to pension and health plans and imputed interest income

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Response_Letter_9_23_2019.pdf

full- or part-time basis, and some may not yet receive retirement income or benefits such as Social Security and pension disbursements. Cost of Major Programs that Provide Services to Pennsylvania Seniors Table 1 provides detail on the estimated costs of with the overall population. Also excluded are state funds for the Public School Employees’ Retirement System (PSERS) and state employee pension and retiree healthcare benefits. The analysis estimates that total senior program spending for all funds was $7.46 billion in

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Presentation_PICPA_9-24-2013.pdf

demand. Federal and state gov’ts unlikely to contribute. o Federal – debt ceiling debate, continuing sequester. o State and Local – pensions and health care benefits. o Monetary Policy - pull back to start soon. 24 . Sept . 2013 4 Contributions to U.S approximately 1.5%. But, Motor Vehicle Sales Tax up roughly 7.0%. o Nationally, sales up roughly 10%. o Some pent-up demand effects (temporary). o Low interest rates. o Looser credit conditions. 24 . Sept . 2013 11 -2.0% 0.0%

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Presentation_PBC_6-12-14.pdf

9 0.8 100.0 100.0 Note: CAGR is compound annual growth rate. Sources: U.S. Census Bureau and Penn State Data Center. 12.June.2014 4 Annual Growth Rate: Ages 20-64 0.0% 0.5% 1.0% 1 Three Demographic Waves 12.June.2014 6 PA Demographics 2010 (Data are in thousands. Sources: U.S. Census Bureau and Penn State Data Center) 0 200 400 600 800 1,000 Gen Y or Millennials 26% Gen X or Baby Bust

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Presentation-2018-07-NCSL.pdf

Stress Testing Public Pensions: NCSL Legislative Fiscal Directors Pre-Conference Perspective of the Pennsylvania Independent Fiscal Office (IFO) Mark J. Ryan Deputy Director July 29, 2018  IFO work involving stress testing is connected to its analysis of pension-related legislation.  No analysis without legislative proposal changing pensions.  Based on the statutory mandate for a “risk transfer

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IFO_Hearing_Packet_Feb2018.pdf

economy and revenue collections, periodic revenue estimates, coordinating analyses and issuing actuarial notes for legislation proposing changes to public employee pension or retirement plans and special reports and research briefs on various budget and economic topics. This submission lists recent reports Office resources are also used for the following purposes: (1) coordinate and facilitate actuarial analysis of proposed changes to the pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals

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House_State_Gov_Comm_Presentation_August_2021.pdf

State Pension System Update House State Government Committee Testimony Matthew Knittel, Director Independent Fiscal Office August 19, 2021 Recent Legislation • Act 5 systems. The IFO will compile those data in a report that summarizes outcomes and calculate the ratio of projected employer pension contributions to projected state revenues. August 19, 2021 1 State Pension System Funding Outlook August 19, 2021 2 SERS 1

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Five_Year_Outlook_2016_IFO_PPT.pdf

Director, Independent Fiscal Office  Overview, Demographic and Economic Outlook Don Boyd | Rockefeller Institute of Government  Presentation on Public Pension Funding Risk Mark Ryan | Deputy Director, Independent Fiscal Office  Revenues, Expenditures and Fiscal Outlook 11/15/2016 2 A 9 to $2.7 Billion Structural Deficit.  Roughly 6% to 7% of General Fund revenues.  Driven by DHS, Pensions and temporary payment delays. Summer 2016: Enactment of Policy Changes.  Adds $1.1 billion of new revenue this year

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TC_2021_Entertainment_Economic_Enhancement_Program.pdf

pro- vided Pennsylvania rehearsal expenses comprise or will comprise at least 60 percent of a tour’s total rehearsal ex- penses. For a full list of qualified expenses, see the EEEP Tax Credit guidelines at https://dced.pa.gov/download/en- concerts at Class 1, 2 and 3 venues. ▪ Projected amount of Pennsylvania rehearsal expenses compared to aggregate tour rehearsal ex- penses. ▪ Predicted amount of tour expenses incurred for venues within the Commonwealth. ▪ Anticipated amount of concert tour equipment that will be

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Presentation_2016-06-08_GPNP_Budget_Outlook.pdf

subsequent budgets. • Federal ARRA funds cushioned the impact for several years. • Spending reductions/restraint for many program areas. • Recession hit pension funds, contributing to funding issues.  Recent budgets have utilized a succession of short‐ term measures. • Shifts to the Lottery of $1,884 million. • One‐time expenditure deferrals expire. • Use of special funds scaled back. • Mandatory expenditure categories (e.g., pensions, debt service, human services and corrections) constitute as much as 80 to 90 percent of the increase.  Revenue growth

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Presentation_2016-05-12_PaDUC_Impact_of_Demographics.pdf

Groups. • Aging Populace Contributes to Tax Base Erosion. 3 Today’s Presentation 12.May.2016 Demographic Trends All Projections from Penn State Data Center Reflects US Census Estimates for 2015 Working Age Population Projected to Decline Demographic Wave: Retirements Next Decade Increasing Share of Income. • Nearly 20% of all income reported on federal tax return. • Wage income less important. Reliance on Pensions, Savings and Social Security. • Social Security income meant to be “supplemental.” • What impact from phase‐out of Defined Benefit plans

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PICPA_NPG_Presentation_2021_07.pdf

State Pension System Update PICPA Not-for-Profit and Gov’t Accounting Conference Matthew Knittel, Director Independent Fiscal Office July 13, 2021 State Pension System Funding Outlook July 13, 2021 1 SERS 1 PSERS FY Ending Empl. Rate $ State Contrib System Return Unfunded Liability

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Official-Revenue-Estimate-Methodology-2019-06.pdf

projecting tax revenues because it includes certain types of income that individuals cannot spend (e.g., accruals to pension funds and certain imputed income) and, therefore, would not affect consumption-related tax revenues such as sales and use, cigarettes and table dividends (7 percent), interest (3 percent), S corporation and partnership income (16 percent), sole proprietorship income (64 percent), pension income (4 percent) and social security income (19 percent). See “Federal Tax Compliance Research: Tax Gap Estimates for Tax Years 2008–2010

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Memo-2019-03-Income-and-Property-Tax-Burden-for-Retirees.pdf

State Private Pensions Gov't Pensions Social Security Alabama limited exemption exempt exempt Alaska n.a. n.a. n.a. Arizona fully taxable $2,500 exempt

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Economic_and_Revenue_Update_2020_10.pdf

homes). By contrast, the recovery period reveals modest revenue growth driven by strong growth of motor vehicle sales (pent-up demand, aversion to public transportation), solid gains for non-motor sales (pent-up de- mand, federal unemployment and stimulus, lack of out-of-state travel, computer and appliance purchases) and cigarette (processing issues and

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Pensions

IFO - Pensions IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Pensions Special Reports Issued by the Independent Fiscal Office Issued by the Public Employee Retirement Commission Funding and Reforming Public Employee

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Pensions

IFO - Pensions IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Pensions Legislation Enacted - Statutes PA Public Employee Pension Statutes • First Class City Code, act of May 20, 1915, PL 566, as

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About IFO

s degree in Economics from Hope College in Holland, Michigan. Mr. Knittel has taught courses at Johns Hopkins, Temple and Penn State Universities and published several articles in the National Tax Journal, the NBER and US Treasury's Office of Tax very broad range of subjects including Earned Income Tax Credits, K-12 and post secondary education, health care and state pension benefits. Ms. Maynard holds a M.A. in Economics from Penn State University and two bachelor's degrees, in Economics

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TC_2019_Film_Production_Tax_Credit_Report.pdf

be engaged by the applicant are incorporated, or formed in Pennsylvania, or have registered to do business in Penn- sylvania or are in the process of obtaining a Certificate of Authority.  A completed FPTC application form.  A “budget top e.g., equipment), lodging for crews and actors, catering and per diem expenses, construction and other miscellaneous ex- penses. The final line in Table 7 displays the total share of qualified spending that the analysis assumes is received by Pennsylvania residents

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Revenue_Estimate_2021_05.pdf

that can be spent or saved. It includes the following types of income: wages, interest, dividends, capital gains, rents, royalties, pensions, Social Security, IRA disbursements, business and self-employment and other miscellaneous income (e.g., government trans- fers). 3 For CY 13.1 7.1 -- -- -45.9 -- Social Security 50.6 52.5 54.5 4.0 3.7 3.9 Pensions-IRAs 66.7 69.1 71.9 4.3 3.6 4.1 All Other 152.3 161.1 170

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Revenue-Proposal-Analysis-2018-04.pdf

loss due to the lower rate because corporations have less incentive to use tax planning techniques to reduce Penn- sylvania corporate tax liability if tax rates are reduced. In addition, when fully phased in, the 20 percent reduction in the tax will help them to (1) evaluate the tax burden imposed by the proposed severance tax and (2) compare Penn- sylvania’s existing impact fee and proposed severance tax with the severance taxes im- posed by other states. The computation of an

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RB_2021_10_Inflation_Impact_Wages.pdf

Excludes self-employed. Source: U.S. Bureau of Labor Statistics (data and methodology). Table 1 Inflation Eroding Real Wages and Pension Benefits Independent Fiscal Office | Research Brief | October 2021 Independent Fiscal Office Page 2 Higher rates of inflation also have important implications for public pensions. Table 2 illustrates the impact for the average SERS or PSERS beneficiary who was retired in 2020 after achieving full

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Presentation_PICPA_12-3-2014.pdf

Contraction for Government Sector. • Federal government sheds Postal Service jobs. • Local gov’t contracts due to shrinking pupil base and pensions. Exception: Labor Force Participation Rates. • Forecast assumes a small increase for younger workers. 3.Dec.2014 A Continuation of Broad savings: $619 million. • One-time transfers: $332 million. Return to Trend: FY 2016-17 to FY 2019-20. • Growth in pension contributions moderates. • By FY 2019-20, revenues and expenditures grow at roughly same rate (3.2 percent). 3.Dec.2014

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Presentation_Lancaster_Chamber_2017-07-14.pdf

projections: May 1 and June 15.  Analyze fiscal impact of state employee wage contracts.  Coordinate actuarial analyses of pension legislation.  Numerous special studies on revenue or budget matters.  Five-Year Economic and Budget Outlook. 7/14/2017 2017 16 Personal Income Tax.  Wage income less important. Larger share of income not subject to tax: Social Security, Pensions, IRAs.  Age 65+ reports 21% of income on federal tax returns, much of it nontaxable. Sales and Use Tax

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Presentation_2017_02_10_EPLC.pdf

Fund Revenue Estimate: May 1 & Jun. 15.  Five-Year Economic and Budget Outlook: Nov. 15.  Actuarial analysis for pension legislation.  Special studies at request of General Assembly. Office Makes NO Policy Recommendations. Independent Fiscal Office 10.Feb.2017 Federal ARRA funds cushioned the impact for several years.  Spending reductions/restraint for many program areas.  Recession hit pension funds, contributing to funding issues. Recent budgets have utilized a succession of short-term measures.  Shifts to the Lottery

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PBB_2020_DHS_REPORT_Final_Updated.pdf

is primarily a federally funded program. In FFY 2018, of $1.2 billion in total TANF funds used, Penn- sylvania was awarded approximately $717 million in federal TANF dollars. Funding requires a state Mainte- nance of Effort (MOE), a minimum spending- several other benefit programs that include, but are not limited to State Supplementary Payment, General Assistance, State Blind Pension and Refugee Cash Assistance. Major program descriptions are provided below:  State Supplementary Payment (SSP): Additional cash assistance provided to individuals that

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PA_Economy_League_Presentation.pdf

Fund Revenue Estimate: May 1 & Jun. 15.  Five-Year Economic and Budget Outlook: Nov. 15.  Actuarial analysis for pension legislation.  Special studies at request of General Assembly. Office Makes NO Policy Recommendations. 19.May.2017 Independent Fiscal Office 7 10 20 21 38 Notes: excludes severance taxes. Personal income adjusted to (1) include capital gains, IRA withdrawals and pensions received and (2) exclude imputed interest and employer contributions to health-pension plans. Source: U.S. Census Bureau and Internal

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Official_Revenue_Estimate_Methodology_2021.pdf

useful for projecting tax revenues because it includes certain types of income that individuals cannot spend (e.g., accruals to pension funds and certain imputed income) and, therefore, would not affect consumption-related tax revenues such as sales and use, cigarettes 1%), net capital gains (15%), dividends (5%), interest (1%), S corpora- tion and partnership income (11%), sole proprietorship income (56%), pension income (3%) and social security income (11%). See “Federal Tax Compliance Research: Tax Gap Estimates for Tax Years 2011–2013

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Official-Revenue-Estimate-Methodology-2020-6.pdf

projecting tax revenues because it includes certain types of income that individuals cannot spend (e.g., accruals to pension funds and certain imputed income) and, therefore, would not affect consumption-related tax revenues such as sales and use, cigarettes and gaming dividends (5 percent), interest (1 percent), S corporation and partnership income (11 percent), sole proprietorship income (56 percent), pension income (3 percent) and social security income (11 percent). See “Federal Tax Compliance Research: Tax Gap Estimates for Tax Years 2011–2013

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Municipal_Analysts_Presentation.pdf

duties:  General Fund Revenue Estimates (May 1, June 15).  Five-year economic and budget outlook (November 15).  Pension and wage contract analysis.  Special studies at request of General Assembly. A Quick Tour Budget Status.  Where are Suggests economic and budgetary challenges. Economic Outlook.  Solid labor market, but consumption tepid. Budget Outlook.  Revenue and expenditures. Pensions. Gaming. General Fund Balance Sheet Growth Rates 13-14 14-15 15-16 14-15 15-16 Beginning Balance 1

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June_Revenue_Estimate_2021.pdf

that can be spent or saved. It includes the following types of income: wages, interest, dividends, capital gains, rents, royalties, pensions, Social Security, IRA disbursements, business and self-employment and other miscellaneous income (e.g., government trans- fers). 3 For CY 13.1 6.3 -- -- -52.0 -- Social Security 50.6 52.5 54.5 4.0 3.7 3.9 Pensions-IRAs 66.7 69.1 71.9 4.3 3.6 4.1 All Other 152.2 160.0 167

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2013-08 Monthly Economic Summary.pdf

property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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Pensions

IFO - Pensions IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Pensions Legislation Enacted Municipal Pension Legislation Enacted Since 2001 School and State Pension Legislation Enacted Since 2001 PA Public Employee Pension

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TC_2021_Neighborhood_Assistance_Program.pdf

Tax Credit. Most states provide a nonre- fundable credit equal to 50 percent of charitable contributions to qualified nonprofit organizations. Penn- sylvania offers $36 million in total credit awards, which is the highest annual cap and the second highest in annual Utah and Vermont. Arizona dominates tax credit awards, providing more than $90.0 million for the latest year of data. Penn- sylvania and four other states (Arizona, Idaho, Vermont and Virginia) awarded more than $10.0 million in credits. Colorado, Louisiana

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TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

telecommunications broad- band infrastructure. Purpose To expand the availability and enhance the quality of broadband internet access across Penn- sylvania. 3 Article XVIII-E of the Tax Reform Code of 1971 (P.L. 6, No. 2), as amended. Section 2: Tax Tax Credit Application.  Invoices and proof of payment for all qualified broadband equipment placed into service in Penn- sylvania by the mobile telecommunications service provider. Applications are due each October 15 th for qualified equipment placed into service during the

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Response_Letter_2021_April.pdf

with the overall population. Also excluded are state funds for the Public School Employees’ Retirement System (PSERS) and state employee pension and retiree healthcare benefits. The analysis estimates that total senior program spending for all funds was $8.20 billion in tax that do not tax Social Security income and one of three states that do not tax public and private pensions. Table 6 provides updated estimates for potential revenue sources that could replace school district property taxes if they were eliminated

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Presentation_PASBO_Annual_Conference_3-8-2018.pdf

s Presentation Updates on topics covered in recent IFO analyses:  School property tax  Demographics  Revenue estimates  Pensions / Act 5 2 March 8, 2018 School Property Tax Update New Forecast, Including Homestead Property Background on Property Tax and of state GDP. Source: Economic & Budget Outlook: Fiscal Years 2017-18 to 2022-23, IFO (November 2017). March 8, 2018 Pension Update Act 5 Impacts on PSERS Employer Contributions and Normal Cost Minor Short-Term Effect Long-Term Risk Mitigation Act

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PBB_2019_DGS_Report.pdf

recommendations. They are as follows: Benchmark facilities maintenance costs. This review recommends that DGS work towards implement- ing Penn State Facilities Engineering Institute recommendations, including:  Utilize General Services Administration benchmarking data as a comparison for DGS.  Develop or adopt are available to keep the number and amount of deferred maintenance projects within an acceptable level. Benchmarks The Penn State Facilities Engineering Institute (PSFEI) completed a study for DGS that provides Facility Management Benchmarking for FY 2016-17. 4 The Department

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PBB_2019_Criminal_Justice_Report.pdf

costs. For example, states differ in the extent to which they include capital costs and unfunded liabilities for pensions and retiree healthcare in their annual operating budgets. Therefore, policymakers should focus on trends and growth rates when making state comparisons. FY a result of the granting of parole or the completion of the maximum sentence.  Inmates Parole Release Pending (PRP). This measure reports the number of inmates who have completed their sentence but are awaiting a parole hearing due to one

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Official-Revenue-Estimate-2018-06.pdf

rent-royalties and capital gains), (3) net business profits (partnerships, S corporations and sole proprietors), (4) retirement income (pensions and IRAs) and (5) government transfers (Social Security and income maintenance benefits). Unlike income measures published by the U.S. Bureau of IFO assumed a profits growth rate of 6.3 percent for 2018. The final revenue estimate assumes that pending legislation will be enacted that pro- vides for regular Modified Accelerated Cost Recovery System (MACRS) depreciation de- ductions for firms that claim

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MTR-2016-03.pdf

1 Personal Income is a broad measure that includes all types of income such as wages, business profits, Social Security, pensions, dividends, rent, interest and various disability and income security benefits. 2 For 2015, Pennsylvania Personal Income increased by 3.3% of Personal Income is gross earnings by place of work, which includes wages-salaries, employer contributions to health insurance and pension plans, employer contributions to government social insurance (i.e., Social Security and disability) and proprietor’s income (sole proprietors, partnerships

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Monthly_Economic_Update_May_2020.pdf

Public Pension Funding Outlook Negative; Philadelphia Plan One of Most At-Risk The Center for State & Local Government Excellence published an article detailing public pension market returns for fiscal year (FY) 2020 and potential impacts going forward. Listed as one of the 20 “worst-off

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Initial-Revenue-Estimate-2018-05.pdf

rent-royalties and capital gains), (3) net business profits (partnerships, S corporations and sole proprietors), (4) retirement income (pensions and IRAs) and (5) government transfers (Social Security and income maintenance benefits). Unlike income measures published by the U.S. Bureau of omission of those potential revenues with the release of its final estimate in June 2018. Currently, legislation is pending that would allow firms that claim federal 100% bonus depreciation to use the normal MACRS depreciation schedule for state CNIT. Gross Receipts

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Impact-Fee-Update-2018-Outlook-2018-06.pdf

previously exempt wells based on production level, (2) reduced collections from wells for which exempt status was asserted based on pending litigation regarding stripper well status and (3) other outstanding payments, credits and late payments. Net impact: -$13.4 million 2017 years 4 through 7, which pay the same fee. 2 Includes wells that disputed payment for reasons related to the pending litigation on the qualification of stripper wells. 3 Includes the net impact of CY 2017 non-payments, credits and late

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IFO_Hearing_Packet_Feb2019.pdf

economy and revenue collections, periodic revenue estimates, coordinates analyses and issues actuarial notes for legislation proposing changes to public employee pension or retirement plans and special reports and research briefs on various budget and economic topics. This submission lists reports published Prices ........................................................................... 15 Natural Gas Spot Prices ............................................................................................................ 16 Natural Gas: U.S. and PA Consumption .............................................................................. 17 2018 Impact Fee Estimate ...................................................................................................... 18 Pension Systems Data ............................................................................................................... 20 Employer Contribution Rates for PSERS and SERS ...................................................... 21 Funded Ratios for PSERS and SERS .................................................................................... 22 Minimum Wage

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Five_Year_Outlook_2017_Presentation.pdf

500 $2,000 17-18 18-19 19-20 20-21 21-22 22-23 Human Services Pre-K-12 Pensions Other November 16, 2017 31 Note: figures in dollar millions. Human Services category excludes pension and other personnel costs. Non-pension personnel costs are included in "other." $9 $1,815 $1,565 $1,252 $1

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Economic_and_Revenue_Update_2021.pdf

budgeting and tax credit evaluation reports, coordinating analyses and issuing actuarial notes for legislation that proposes changes to public employee pension or retirement plans, cost analyses of approved collective bargaining agreements and special reports and research briefs on various budget and Office resources are also used for the following purposes: (1) coordinate and facilitate actuarial analysis of proposed changes to the pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals

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2001_hr266.pdf

Public Employee Retirement Commission to undertake 2 a study relating to the nature of Pennsylvania's current 3 defined benefit pension plans versus defined contribution 4 plans. 5 WHEREAS, The Commonwealth of Pennsylvania maintains two 6 Statewide pension plans, the Public School Employees' Retirement 7 System (PSERS) and the State Employees' Retirement System 8 (SERS); and 9 WHEREAS

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Pensions

IFO - Pensions IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Pensions Database Search Database Search • Search Form • Results Session 2021-2022 Regular Session 2019-2020 Regular Session 2017-2018 Regular Session

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TC_2021_Video_Game_Production.pdf

video game production expenses incurred in the first four years of production and may not exceed 10 percent of ex- penses incurred in each subsequent year. The program is capped at $1.0 million annually. Tax credits may be utilized against by 20 percent to reflect the fact that the portion used to pay state or public school employee compensation includes pension contributions and employer and employee payroll taxes, which do not have immediate implications for the state economy. 20 Lines 14

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TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf

 i2n-Ideas x Innovation Network - Located in Chester and Delaware counties, educational and re- search partners include: Penn State-Great Valley, West Chester University, Villanova University, Widener University, Delaware County Community College and the Kutztown Small Business Devel- opment Center Located in Montgomery, Bucks and Philadelphia counties, educational and re- search partners include: Children’s Hospital of Philadelphia, Penn State, Temple University, Thomas Jefferson University and The Wistar Institute. Firms in two zones (Waynesburg and Westmoreland) were not awarded any credits

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State and Local Tax Burden Study.pdf

represents the total income of state residents. It includes wages, business income, interest, dividends, rents, royalties, contributions to pension and health plans, unemployment compensation, veterans’ benefits and transfer income (e.g., social security and various medical and income maintenance benefits). 1 CIT). 7 States levy PIT on wages, business income, capital income (e.g., interest, dividends and capital gains), pensions, IRA withdrawals and certain transfer income (e.g., social security, unemployment compensation). States levy CIT on the net income of C corporations

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Special-Funds-Response-Letter-03-08-2019.pdf

62,995 State College Experimental Farm 0 Attorney General Cigarette Fire Safety 50 Auditor General Fire Insurance 68,521 Municipal Pension 301,730 Banking and Securities Banking 28,346 Community & Economic Development Ben Franklin Technology Development 25,034 Local Government Capital 90,327 95,248 376,363 Difference 17,731 51,697 68,823 50,484 45,063 -233,798 Municipal Pension Aid Fund Receipts 267,308 265,519 287,712 292,499 305,396 304,276 Disbursements 277,710 266,064

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SD-Property-Tax-Forecast-2020.pdf

1 index (base or adjusted, as applicable) may seek approval for an exception. 5 The statute currently authorizes four exceptions: pension obligations, special education expenditures, grandfathered debt service and electoral debt service. 6 The exceptions process is administered by PDE, which projects that school districts will qualify for exceptions valued between $57 million and $59 million annually. The value of the pension exception moderately increases similar to the projected school district employer contribution rates. The exception for special education expenditures is projected

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SD-Property-Tax-Forecast-2019.pdf

1 index (base or adjusted, as applicable) may seek approval for an exception. 5 The statute currently authorizes four exceptions: pension obligations, special education expenditures, grandfathered debt service and electoral debt service. 6 The exceptions process is administered by PDE, which projects that school districts will qualify for exceptions valued between $60 million and $70 million annually. The value of the pension exception gradually declines because school district contribution rates are projected to stabilize. The exception for special education expenditures is projected

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Revenue-Estimate-2020-05.pdf

level in CY 2021 will be lower than CY 2019. (Discussed later in this section.)  There exists pent-up demand for both goods (e.g., homes, vehicles, furniture) and services (e.g., healthcare, personal care and legal services) that will and the growth of motor vehicle revenues (22.6 percent) will outpace non-motor revenues (7.8 percent). Pent-up demand for motor vehicles after months of limited sales activity is expected to boost collections in FY 2020- 21. Residual effects

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RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdf

Taxpayers report various types of income on the federal income tax return including wages and salaries, interest, dividends, rent, royalties, pensions, IRAs, taxable Social Security, professional business income (independent contractors, self-employed and sole proprietors) and income from partnerships and S 2 Net Capital Gains 1.2 3.4 21.6 26.2 1.3 3.7 24.9 29.9 Pensions and IRAs 16.6 18.5 6.3 41.4 16.3 21.6 7.7 45.6 Taxable Social

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RB-2018-01.pdf

1 index (base or adjusted, as applicable) may seek approval for an exception. 6 The statute currently authorizes four exceptions: pension obligations, special education expenditures, grandfathered debt service and electoral debt service. 7 The exceptions process is administered by PDE, which projects that school districts will qualify for exceptions valued between $90 million and $100 million annually. The value of the pension exception gradually declines because school district contribution rates are projected to stabilize. The exception for special education expenditures is projected

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RB-2017-5.pdf

Income The sum of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health insurance plans, unemployment compensation and transfer income (e.g., Social Security and various medical and income maintenance benefits of the tax base. State personal income is adjusted by IFO. The analysis adds capital gains income, IRA withdrawals and pension distributions to state personal income. The analysis deducts employer contributions to pension and health insurance plans and imputed interest income

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Presentation-2018-08-PA-State-Association-Boroughs.pdf

Congressional Budget Office.  Separate from Executive and Legislative branches. Various mandatory duties.  General Fund revenue estimates.  Coordinate pension analysis. Analyze wage contracts.  Develop Performance-Based Budget plans for agencies. Things the office does not do:  Make 0.8% Clothing 3.3% 2.5% -0.8% TOTAL 100.0% 100.0% 0.0% Note: Treats expenditures for pensions and Social Security tax as savings. Source: U.S. Consumer Expenditure Survey, northeast region. August.08.2018 18 Fewer PA

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PBB_2021_PennDOT_REPORT_ADDENDUM.pdf

72.4 Expenditures by Fund Multimodal Transportation Fund $58.0 $79.8 $85.0 $71.2 $230.8 $72.4 Penn. Infrastructure Bank Fund 0.0 0.2 0.0 0.0 1.0 0.0 Public Transportation Trust Fund 0 and Other Multimodal | Page 48 Notes on Measures ▪ The Pennsylvania Intermodal Cargo Growth Incentive Program (PICGIP) incentivizes the use of Penn- sylvania’s ports. PennDOT provides grant funding for ocean carriers to move cargo through a Pennsyl- vania port at $25

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Official-Revenue-Estimate-2020-06.pdf

level in CY 2021 will be lower than CY 2019. (Discussed later in this section.)  There exists pent-up demand for both goods (e.g., homes, vehicles, furniture) and services (e.g., healthcare, personal care and legal services) that will and the growth of motor vehicle revenues (18.5 percent) will outpace non-motor revenues (6.3 percent). Pent- up demand for motor vehicles after months of limited sales activity is expected to boost collections in FY 2020-21. Residual effects

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MER-2015-03.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐year growth rate in

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MER-2014-11.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Completed Home Sales The year‐over‐year growth rate in

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MER-2014-07.pdf

4.0%. Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Value for 2014.2 is 4.0%. Corporate Pro Ðits Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the average

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MER-2014-03.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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MER-2014-02.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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IFO ppt.pdf

populations, (2) costs to provide the services, and (3) service utilization are the biggest drivers of expenditures. • Welfare, Education, Corrections, Pensions, & Debt Service comprise ~90% of total State GF budget Overview January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 4.2% 0.5% -1.0% 2.9% January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 Revenue Conference Pension Contributions / Expenditures 0% 5% 10% 15% 20% 2002 2007 2012 2017 $4,041 million 11.6% $1,152 million 4

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GPNP July 10, 2012 final.pdf

Report (November 15).  Annual Revenue Conference (January 31).  Two Studies: (1) Sales and Use Tax, (2) Shared Risk Pension Contributions.  Performance measures for executive agencies.  Establish office web-site. 10.Jul.2012 4 2012 GPNP Conference IFO  Mortgage rates at historic lows.  PA mortgage delinquencies declining rapidly.  Consumers  Vehicle sales remain strong. Some pent up demand remains.  Gasoline prices have declined and are stable. 10.Jul.2012 15 2012 GPNP Conference 0.0

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Five_Year_Outlook_2017_PSERS_State_Share_Update.pdf

Years 2017-18 to 2022-23 on November 16, 2017 (see page 49). The table shows total state General Fund pension contributions, including PSERS and the State Employees’ Retirement System (SERS). Fiscal Year Published Updated Change 2018-19 $2,530 $2 883 Growth Rate 19.5% 9.7% 7.7% 4.7% 3.4% 2.4% 4.2% 1 Excludes any pension expenses related to the Motor License Fund shift to the General Fund. Update to Table 5.6 Employer Pension Contributions

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Economic_and_Revenue_Update_2020.pdf

and revenue collections, periodic revenue estimates, coordinating analyses and issuing actuarial notes for legislation that proposes changes to public employee pension or retirement plans and special reports and research briefs on various budget and economic topics. This submission lists recent reports Office resources are also used for the following purposes: (1) coordinate and facilitate actuarial analysis of proposed changes to the pension systems, (2) provide a cost analysis of approved collective bargaining agreements, (3) provide an economic analysis of any revenue proposals

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Econ Summit Presentation Feb 28 2017.pdf

primary duties: • General Fund Revenue Estimate: May 1 & June 15. • Five-Year Economic & Budget Outlook: Nov. 15. • Actuarial analysis of pension legislation. • Special studies at request of General Assembly.  Office makes NO policy recommendations. February 28, 2017 2 Projected Budget Gaming Expansion 250 Reduce Tax Credits 100 Consolidation/Closures/Complement 351 2016-17 DHS Savings 165 Pupil Transport Savings & U. Penn Approp. 82 Miscellaneous Efficiency Savings 451 Total Change to Balance Sheet $3,043 Note: millions of dollars. Source: FY 2017-

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County_Property_Tax_Burden_Aug_2021.pdf

relatively larger elderly populations and lower per capita income levels. For those counties, Social Security and savings income (e.g., pensions and IRAs) comprise a larger share of total county income. 1 The burden measure represents a county-wide average and income. That measure is then adjusted to account for several factors. The analysis adds capital gains income, IRA withdrawals and pension distributions to state personal income and deducts employer contributions to pension and health plans and imputed interest income. For property

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2013-10 Monthly Economic Summary.pdf

property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2012-09 Monthly Economic Summary 7.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and 5.2% Personal Income The year-over-year growth rate of PA personal income. In- cludes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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Pensions

IFO - Pensions IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Pensions Act 100 of 2016 transferred the responsibility for providing actuarial notes on legislation proposing changes to public employee pension or

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Pensions

IFO - Pensions IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Pensions Actuarial Notes Pension Actuarial Notes Session 2021-2022 Regular Session 2019-2020 Regular Session 2017-2018 Regular Session 2015-2016

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Wage_Contracts_PDA.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 40.4%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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Wage Contract SEIU-FINAL.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 40.2%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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Wage Contract PFBC-FINAL.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 40.7%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and 1 The agreement between the Commonwealth and the PFBC is only a one-

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Wage Contract AFSCME-FINAL.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 40.7%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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UGSOA_Wage_Contract_Analysis_2021.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 41.2%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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UGSOA_Wage_Contract_ Analysis_2020.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 42.0%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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TC_2021_Keystone_Special_Development_Zones_Update.pdf

by 20 percent to reflect the fact that the portion used to pay state or public-school employee compensation includes pension contributions and employer and employee payroll taxes, which do not have immediate implications for the state economy. The alternative spending includes employee compensation such as wages and salaries, employer taxes such as Social Security and unemployment compensation, and healthcare and pension benefits. It also includes income received by sole pro- prietorships, independent contractors and partnerships. 27 The tax credit is effectively

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TC_2020_Organ and Bone Marrow Donation Tax Credit.pdf

stay and recovery. The credit does not provide any assistance to offset donor transportation costs or medical ex- penses (if applicable), which may also be considerable. Two other issues related to the OBMD became apparent in the IFO’s meetings with typically return to work in one week, organ donation generally requires a four- to eight-week absence de- pending on the organ donated and the donor’s occupation. In addition to time off for the procedure and recovery, any prospective donor

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Select Committee Oct 1 2012 FINAL.pdf

on the increase in millage rates. 2. Exceptions, which allow school districts to exceed the index for certain expenditures (mainly pensions and special education). 1.Oct.2012 Analysis of HB 1776 and SB 1400 of 2012 – Slide 13 IFO Act 1 average for all districts. 1.Oct.2012 Analysis of HB 1776 and SB 1400 of 2012 – Slide 14 Act 1 Pension Exception Projected employer contribution rates (currently 12.36%): FY 2013-14 16.75% FY 2014-15 21.25% FY 2015-

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SEIU Local 668 UC Referees Analysis- 2020.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 42.9%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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SEIU Healthcare Wage Contract Analysis- 2019.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 43.1%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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Revenue_Proposal_Analysis_2021_04.pdf

rate reductions alter firms’ decisions. The IFO estimate includes behavioral adjustments that attempt to reflect taxpayer response to increasing/decreasing Penn- sylvania tax liabilities. This is accomplished in two ways. First, the IFO’s combined reporting estimate uses a 12-year the new filing regime. Table 1.5 concludes the analysis with industry detail from a DOR presentation regarding changes in Penn- sylvania tax liability across selected industries due to combined reporting. Tax liabilities increase across most industries, other than agriculture and

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Revenue_and_Economic_Update_Presentation_2020_10.pdf

expected Sales - Non-Motor -7.1% 3.2% UC payments, lack of travel Sales - Motor Vehicle -33.6% 20.6% pent-up demand PIT - Withholding -4.4% -2.4% better than expected PIT - Other -8.9% -6.6% meets expectations Cigarette -39.2% 8.6% COVID impact, processing Inheritance 5.9% -11.7% Realty Transfer -30.9% 6.2% pent-up demand, low rates All Other Tax -7.7% 2.0% Note: Growth rates control for revenue shifts for tax

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RB_2021_02 County Income Patterns.pdf

income, rents, royalties, transfer receipts (e.g., SNAP and veteran’s benefits) and retirement income (e.g., Social Security and pension contributions). The measure is published by the U.S. Bureau of Economic Analysis and is the most comprehensive measure of the income measure is much broader than state taxable income because it includes Social Security income and employer contributions to pension accounts. However, it does not include capital gains income. County personal income growth ranged from 0.3% (Cameron County) per

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RB-2020-03 County Income Patterns.pdf

income, rents, royalties, transfer receipts (e.g., SNAP and veteran’s benefits) and retirement income (e.g., Social Security and pension contributions). The measure is published by the U.S. Bureau of Economic Analysis and is the most comprehensive measure of the income measure is much broader than state taxable income because it includes Social Security income and employer contributions to pension accounts. However, it does not include capital gains income. For the entire state, total personal income grew at a weighted

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RB 2019 RACP.pdf

Monitoring Reports conducted by state-assigned consultants. Only after all conditions are met will a request be approved for payment, pending fund availability. For project close-out and grant completion, the GBO can retain up to 10 percent of the final used in both metrics include general obligation debt that is and is not subject to constitutional limits, but exclude any pension liabilities. For Pennsylvania, debt includes any outstanding debt of state agencies and authorities, such as the Pennsylvania Turnpike Commission. Overall

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RB 2019 County Income Patterns.pdf

income, rents, royalties, transfer receipts (e.g., SNAP and veteran’s benefits) and retirement income (e.g., Social Security and pension contributions). The measure is published by the U.S. Bureau of Economic Analysis and is the most comprehensive measure of the income measure is much broader than state taxable income because it includes Social Security income and employer contributions to pension accounts. However, it does not include capital gains income. For the entire state, total personal income grew at a weighted

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Public_Data-General_Fund.xlsx

Transfer Inheritance Table Games Minor and Repealed | Liquor Store Profits Lic, Fees & Misc - Total Licenses and Fees Miscellaneous Total Fines, Pen & Int - Total F. P. & I. On Taxes F. P. & I. Other 1988-89 11,256.7 10,957.6 2 Transfer Inheritance Table Games Minor and Repealed | Liquor Store Profits Lic, Fees & Misc - Total Licenses and Fees Misc. Total Fines, Pen & Int - Total F. P. & I. On Taxes F. P. & I. Other 1988 Q3 2,335.4 2,299.1 314

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PSEA Wage Contract Analysis- 2020.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 42.8%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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PSCOA Wage Contract Analysis- 2020.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 46.0%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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PSBA Presentation - Final.pdf

Other Taxes 1.62% 1.38% 0.24% Notes: Personal income adjusted to (1) include capital gains, IRA withdrawals and pensions received and (2) exclude imputed interest and employer contributions to health-pension plans. Sales tax includes utility taxes (e.g., gross receipts tax). US totals exclude severance taxes. Gaming includes Lottery and

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Presentation_Phil_Chamber_2-12-2015.pdf

of dollars.  Non-Recurring Savings, Shifts and Revenues. • Used in FY 2014-15. Not available next fiscal year.  Pension Contributions: SERS and PSERS. • SERS up $131 million (25%) in FY 2015-16. • PSERS up $592 million (51%, state share other $250 Total Revenues $572 TOTAL NON-RECURRING $1,523 11 Note: millions of dollars. 12.Feb.2015 Growth in Pension Contributions $422 $532 $663 $799 $829 $815 $814 $1,007 $1,158 $1,750 $2,064 $2,244 $2,384

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Presentation-2019-3-1-EPLC.pdf

one-time measures expire. Mainly affects Department of Human Services. Ramp up of debt obligations (Tobacco MSA bond). Bright spot: pension contribution growth flat or moderate. March 1, 2019 3 Structural Imbalance in General Fund March 1, 2019 4 Fiscal Year  Will there be enough workers over next five years? Moderate growth of historical cost drivers after 19-20.  Pension systems achieve annual returns of 7.25%.  Healthcare inflation does not accelerate from current rates. State economy operates at

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PLEA Wage Contract Analysis- 2019.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 49.3%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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Pennsylvania_Aging_Presentation.pdf

Workforce Information and Analysis. Sources of Senior Income 0% 5% 10% 15% 20% 25% 30% 35% Social Security DB-DC Pensions Interest - Dividends IRA Withdrawls Wages Business Income 2006 2014 May 24, 2017 14 The “Three Legged Stool” is now a 5.4% +0.9% Cash Contributions 6.0% 5.1% -0.9% Clothing 3.3% 2.9% -0.4% Note: Pension contributions counted as savings. Source: U.S. Bureau of Labor Statistics, Consumer Expenditure Survey, northeast region. May 24, 2017 15

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PDA Wage Contract Analysis- 2019.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 42.9%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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PBB_Board_Hearing_Apr_28_2021.pdf

GF Appropriations (FY 2020-21) April 28, 2021 8 Activities Veterans Homes GGO Education Assist. Program Fund Amputee & Paralyzed Veterans Pension Veterans Outreach Services Other Total Veterans Homes $95.3 -- -- -- -- -- $95.3 Administration 4.8 $15.6 -- -- -- -- 20.4 PA NG 20) and non-profit organizations ($650k in FY 19-20) to assist veterans receive benefits they are entitled to ▪ Compensation & pension benefits paid to PA vets increased: $2.4b (FFY 2015) to $2.9b (FFY 2019) PA veterans are generally better

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PBB_2021_PSP_REPORT_ADDENDUM.pdf

investigations for PSP Troops and other law en- forcement entities throughout the Commonwealth. This includes: the Computer Crime Task Force, Penn- sylvania Criminal Intelligence Center (PaCIC), Organized Crime Task Force, Fugitive Apprehension Task Force, Fire Marshal/Polygraph Services, Auto Theft Task large crowds such as parades, festivals and stadiums. Examples include: home football games for the Philadelphia Eagles, Pittsburgh Steelers, or Penn State University, the Scranton St. Patrick’s Day parade or the Little League World Series and parade. ▪ The Risk and

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PBB_2020_DEP_Report.pdf

by EPA standards has shown significant improvement. Pennsylvania lags behind other states in Chesapeake Bay Watershed pollution reduction. Penn- sylvania failed to meet the two most recent Chesapeake Bay pollution targets and is furthest away from meeting the latest 2025 final bank stabilization projects. The Dam Safety Program oversees the regulation of approximately 3,400 dams and reservoirs throughout Penn- sylvania to protect residents and property downstream of low, significant and high hazard dams. High hazard dams are defined by the Association

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PBB_2020_DCED_REPORT.pdf

Population in Act 47 communities 5.51% 5.48% 5.53% 5.53% 2.83% 2.80% Municipal pension UAL 2 -- $8,033 -- $8,564 -- -- Local debt held 3 $79,148 $77,318 $74,765 $75,339 -- -- Note: Millions of dollars five years. 2 Unfunded Actuarial Liability (UAL) data from the Auditor General's Status Report on Local Government Pension Plans. Next report scheduled to be issued in Winter 2020. 3 Data from U.S. Census Bureau's Annual Survey of State

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PBB_2019_PCCD_Report.pdf

has not provided funding for sexual offender courts, prostitution courts or domestic violence courts. The Administrative Office of Penn- sylvania Courts (AOPC) is another source of state funding for PSCs.  Average savings per offender who complete an IP sentence. This be included in this report. Results First Project Summary During 2018, PCCD staff, along with partners at the Penn State EPISCenter, worked with the Pew Founda- tion on the Results First project. This work has involved population of the Results First

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OPEIU Wage Contract Analysis- 2019.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 42.8%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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MSC_March_31_2021.pdf

weak final payments Sales - Non-Motor 7,958 4.2% strong online growth Sales - Motor Vehicle 1,316 15.4% pent-up demand Income – Withholding 8,131 0.3% Income – Other 3,100 ‘ 8.1% final quarterly payments strong, includes $100m monies must be spent on costs incurred prior to Dec 2024 and cannot be used to reduce taxes or make pension contributions. CAA is full year amount extended to Sept hospital, college, restaurant extended to Sept ARP at $1,400 per

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MQRE-FY19-20-Aug.pdf

through the Film Production Tax Credit (FPTC) to $70 million annually, (2) expanding the definition of “postproduction ex- pense”, (3) extending the period for making a tax district capital investment and (4) lowering the number of required sound stages to qualify per tour by creating a tiered system based on the purchase or rental of concert tour equipment from Penn- sylvania companies. These changes are effective July 1, 2019. Prior Law Previously, only $4 million was available for award and the individual

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MER-2015-06.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Industrial Electricity Sales The year-over-year growth rate in megawatt-

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MER-2015-04.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐year growth rate in

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MER-2015-02.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐year growth rate in

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MER-2015-01.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Industrial Electricity Sales The year-over-year growth rate in megawatt-

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MER-2014-12.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐year growth rate in

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MER-2014-10.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the average

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MER-2014-09.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the average

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MER-2014-08.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the average

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MER-2014-06.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the average

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MER-2014-05.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the average

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MER-2014-04.pdf

0.1%). Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate of Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the average

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MER-2014-01.pdf

Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐year growth rate Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index that measures the

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MER-2013-12.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi- ness and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi- ness and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average

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MER-2013-11.pdf

1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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jackson ppt.pdf

presentation may be reproduced, reused, or otherwise distributed in any form without prior written consent. (Percent change, chained 2005 dollars) Pent-up Demand for Durable Goods Drives Growth in US Consumer Spending 13 © 2012, IHS Inc. No portion of this presentation Fiscal tightening is coming, but the big issues (entitlements and taxes) will not be settled until after the 2012 elections. • Pent-up demand for housing will eventually lead to stronger economic growth. • The major risk is financial contagion from the Eurozone

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ISSU Wage Contract Analysis- 2019.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 44.6%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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IFO_Retirement_Task_Force_Jan2018_Presentation.pdf

6% IRA Withdrawals 5.3% 7.4% 10.0% Social Security 28.6% 27.8% 5.6% DB and DC Pensions 23.1% 24.2% 6.5% All Other 2.0% 2.0% 6.2% Total 100.0% 100.0% 5 8% Clothing 3.3% 2.5% -0.8% Total 100.0% 100.0% 0.0% Note: Computation treats expenditures for pensions and Social Security as savings. Source: U.S. Consumer Expenditure Survey, northeast region. Age 75+ Real Housing Debt Doubles Jan

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IFO_Hearing_8-30-2017.pdf

1) estimates the budgetary impact of collective bargaining agreements, (2) coordinates and provides actuarial analysis for proposed changes to the pension systems and (3) analyzes any tax proposals included in the Executive Budget. Currently, there are several bills that would further duties and undertakes various requests. These include: • coordinate and facilitate actuarial analysis of proposed changes to the SERS and PSERS pension systems; • provide a cost analysis of approved collective bargaining agreements; • provide an economic analysis of revenue proposals included in the

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IFO-Presentation-11-14-2019.pdf

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Soc Security $46 Cap Gains $34 Interest-Divs $19 Pension-IRA $61 2018 PA Cash Income $599 PA Wage Income $348 Bus Net Inc $59 November 14, 2019 13 Revenue  Is a 4.0% UE rate normal? | Will inflation/interest rates increase?  Implications for safety net programs, healthcare, pension returns November 14, 2019 21 Author: Lesley Rompalo Company: Microsoft CreationDate: 2019-11-15 13:10:10 Creator: Acrobat PDFMaker

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House_Maj_Policy_Comm_Aug_30_2021.pdf

Retirement Income excludes Social Security. Estimates assume other Retirement Income will be taxed upon distribution such as DB and DC pensions, IRA withdrawals and annuities. Assumes that income previously taxed via the inability to deduct from gross income are not taxed Aug 2021) School District Property Tax Burden by County August 30, 2021 4 Rate of Return Sensitivity Analysis for State Pensions August 30, 2021 5 SERS Employer Contributions PSERS Employer Contributions Fiscal Year Underperform ROR by 1.0% Exceed ROR by

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FOSCEP Wage Contract Analysis- 2019.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 40.3%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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EPLC-2-19-21.pdf

weak final payments Sales - Non-Motor 6,414 3.3% strong online growth Sales - Motor Vehicle 1,047 14.1% pent-up demand Income – Withholding 6,032 -1.5% Income – Other 2,453 ‘ 1.8% final quarterly payments strong, includes $100m 2.1 ppts ▪ Note: this excludes renters (but no good data on renter burden) ▪ Tax retirement income: Social Security, IRAs, pensions ▪ PA one of only 3 states that does not tax retirement income Sales tax: raise rate (6.0%) and/or

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EPLC Feb 2020 FINAL.pdf

income includes capital gains, interest and dividends, rent and royalties. Retirement income includes Social Security, IRA withdrawals and DB-DC pensions. Income Maintenance includes UI, SNAP and other miscellaneous programs. Income sources include adjustments for unreported income based on IRS Tax ppts  Note: this excludes renters (but no good data on renter burden)  Tax retirement income: Social Security, IRAs, pensions  PA one of only 3 states that does not tax retirement income Sales tax: raise rate (6.0%) and

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CIVEA Wage Contract Analysis- 2019.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 47.1%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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Analysis of Recent Collective Bargaining Agreements.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 41.4%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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ALES Wage Contract Analysis- 2019.pdf

bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P rate: weighted-average rate of 49.3%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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2018_Mid-Year_Update.pdf

Mid-Year Update 29.Jan.2018 10 Two Estimates of Federal Tax Cut FFY 2018-19 ($ billions) Joint Committee U Penn Wharton Individuals and Pass Throughs -$188.8 -$168.5 Corporate - lower rate, broaden base -133.8 -129.2 Corporate - tax 1,770 26.4% 0.9% 0.7% Tax Policy Center -$1,770 12.8% 0.8% 0.0% U Penn Wharton -$2,296 13.4% 0.8% 0.8% IHS Markit -$1,770 n.a. 0.1% 0.6% Tax

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2013-09 Monthly Economic Summary-FINAL.pdf

property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2013-07 Monthly Economic Summary.pdf

property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2013-06 Monthly Economic Summary - FINAL.pdf

1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2013-05_Monthly_Economic_Summary.pdf

1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2013-04 Monthly Economic Report.pdf

5%) Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 (2013.1 value is 2.5%) Corporate Profits The Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2013-03b Monthly Economic Summary.pdf

1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of 3% 5.6% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2013-02 Monthly Economic Report.pdf

1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of 3% 5.6% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2013-01 Monthly Economic Report.pdf

1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of a. n.a. Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2012-12 Monthly Economic Summary FINAL.pdf

1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of 8% 5.2% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2012-11 Monthly Economic Summary- DRAFT 6.pdf

1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of 8% 5.2% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2012-10 Monthly Economic Summary FINAL.pdf

1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any in- flationary gains. 1 Corporate Profits The year-over-year growth rate of 8% 5.2% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2012-08 Monthly Economic Summary_Final.pdf

inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth rate of domestic and 5.2% Personal Income The year-over-year growth rate of PA personal income. In- cludes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that measures the average price

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2012-07 Monthly Economic Summary10.pdf

of Economic Analysis. Personal Income The year-over-year growth rate of US personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. In- cludes any inflationary gains. Data are from the US Bureau of Economic Analysis. Corporate Profits 3% 5.5% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. In- cludes any inflationary gains. Data are from the US Bureau of Economic Analysis. FHFA House

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TC_2021_Resource_Enhancement_and_Protection.pdf

operation where vegetation is unable to grow due to the concentration and frequency of animal traffic. ACAs include barnyards, exercise pens, high traffic areas of a pasture, etc. 5 The State Conservation Commission may establish a list of certain, high-priority

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TC_2020_Research and Development Tax Credit.pdf

non-education purposes. 34 Labor earnings includes all payments to employees such as wages and salaries, healthcare benefits, pensions and employer payroll taxes. Earnings of sole proprietors, independent contractors and partners in partnerships are also included. 35 Source: U.S. Bureau

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TC_2019_New_Jobs_Tax_Credit_Report.pdf

amount should be reduced to reflect the fact that the portion used to pay state employee compensation includes pension contributions and employer payroll taxes which do not have immediate implications for the state economy. Therefore, the analysis reduces the balanced budget

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SD_Property_Tax_Forecast_Nov_2021.pdf

3.4% (2019); 8.0% (2020); 5.5% (2021); and 3.6% (2022). 7 The statute currently authorizes four exceptions: pension obligations, special education expenditures, grandfathered debt service and electoral debt service. The forecast projects that school districts will qualify for

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RTR-May 2012.pdf

6 -20.1% 246.1 9.4% -10.7% -70.2% -73.8% -14.3% 695.7 -18.4% Fines, Pen & Int - Total 6.1 325.9% 15.4 297.1% 256.6% 348.5% 200.0% 159.5% 53.0

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RTR-Mar 2012.pdf

9 11.6% 74.1 -10.7% -70.2% -73.8% -14.3% -6.1% 679.3 -32.3% Fines, Pen & Int - Total 3.6 443.8% 11.3 256.6% 348.5% 200.0% 159.5% -79.5% 44.4

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RTR-Jun 2012a.pdf

5 -92.7% 224.7 -56.9% -10.7% -70.2% -73.8% -14.3% 383.0 -58.2% Fines, Pen & Int - Total 15.1 747.3% 27.0 438.3% 256.6% 348.5% 200.0% 159.5% 66.4

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RTR-Feb 2012.pdf

7 -47.2% 39.4 -52.7% -70.2% -73.8% -14.3% -6.1% 674.5 -33.6% Fines, Pen & Int - Total 3.9 146.5% 11.6 224.0% 348.5% 200.0% 159.5% -79.5% 41.5

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RTR-Apr 2012.pdf

6 22.0% 212.2 11.7% -10.7% -70.2% -73.8% -14.3% 707.1 -26.7% Fines, Pen & Int - Total 5.8 220.8% 13.2 227.0% 256.6% 348.5% 200.0% 159.5% 48.4

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RTR-2015-04.pdf

0% -50.0% Lic, Fees & Misc - Total 438.8 239.2% 855.0 192.2% 137.6% 155.8% Fines, Pen & Int - Total 6.9 13.1% 70.5 -3.1% 16.4% -10.9% 1 compared to the same period

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RTR-2015-03.pdf

0% -50.0% Lic, Fees & Misc - Total 53.1 22.2% 416.2 162.9% -14.9% 58.0% Fines, Pen & Int - Total 6.5 14.7% 63.6 -4.6% 6.8% -8.6% 1 compared to the same period

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RTR-2015-02.pdf

a. 100.0% Lic, Fees & Misc - Total 14.1 -59.9% 363.1 216.1% 10.2% 48.4% Fines, Pen & Int - Total 7.8 21.1% 57.0 -6.4% 0.7% -6.4% 1 compared to the same period

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RTR-2015-01.pdf

a. 100.0% Lic, Fees & Misc - Total 16.3 -16.2% 349.0 338.1% 60.2% 58.1% Fines, Pen & Int - Total 5.1 -15.8% 49.2 -9.6% -8.6% -4.2% 1 compared to the same period

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RTR-2014-12.pdf

a. 0.0% Lic, Fees & Misc - Total 55.8 137.3% 332.7 452.6% 125.8% 65.1% Fines, Pen & Int - Total 7.4 -3.4% 44.1 -8.8% -11.1% -2.1% 1 compared to the same period

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RTR-2014-11.pdf

a. 0.0% Lic, Fees & Misc - Total (4.6) 446.3% 276.9 654.4% -1.9% 56.8% Fines, Pen & Int - Total 7.1 -8.0% 36.7 -9.9% -10.0% 1.0% 1 compared to the same period

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RTR-2014-10.pdf

a. 0.0% Lic, Fees & Misc - Total 24.6 126.1% 281.6 649.7% 23.4% 50.6% Fines, Pen & Int - Total 6.9 -20.7% 29.6 -10.3% -21.6% 8.9% 1 compared to the same period

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RTR-2014-09.pdf

a. 0.0% Lic, Fees & Misc - Total 3.7 -73.6% 257.0 863.4% 863.4% 43.2% Fines, Pen & Int - Total 8.6 -0.9% 22.7 -6.6% -6.6% 20.0% 1 compared to the same period

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RTR-2014-08.pdf

0% 0.0% Lic, Fees & Misc - Total 8.4 75.8% 253.3 1914.7% 791.0% 42.7% Fines, Pen & Int - Total 7.4 -37.5% 14.1 -9.7% -70.0% 30.4% 1 compared to the same period

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RTR-2014-07.pdf

0% 0.0% Lic, Fees & Misc - Total 244.8 3045.2% 244.8 3045.2% 310.2% 37.7% Fines, Pen & Int - Total 6.8 75.4% 6.8 75.4% -40.0% 57.0% 1 compared to the same period

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RTR-2014-06.pdf

0% 0.0% Lic, Fees & Misc - Total 41.1 100.9% 358.2 -19.4% -13.7% -19.4% Fines, Pen & Int - Total (8.9) -551.6% 70.9 28.1% -43.4% 28.1% 1 compared to the same period

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RTR-2014-05.pdf

a. 100.0% Lic, Fees & Misc - Total 29.4 -39.6% 317.0 -25.2% -26.0% -24.7% Fines, Pen & Int - Total 7.0 188.2% 79.8 49.3% 114.4% 19.2% 1 compared to the same period

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RTR-2014-04.pdf

a. 100.0% Lic, Fees & Misc - Total 129.4 -20.4% 287.7 -23.4% -16.2% -19.9% Fines, Pen & Int - Total 6.1 88.8% 72.7 42.7% 87.9% 6.9% 1 compared to the same period

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RTR-2014-03.pdf

a. 100.0% Lic, Fees & Misc - Total 43.4 -30.0% 158.3 -25.6% 8.8% -10.9% Fines, Pen & Int - Total 5.7 83.2% 66.6 39.5% 51.2% -0.6% 1 compared to the same period

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RTR-2014-02.pdf

a. 0.0% Lic, Fees & Misc - Total 35.2 49.4% 114.9 -23.8% 52.6% -3.0% Fines, Pen & Int - Total 6.4 91.4% 60.9 36.5% 36.8% -4.6% 1 compared to the same period

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RTR-2014-01.pdf

a. 0.0% Lic, Fees & Misc - Total 19.5 321.2% 79.7 -37.4% -6.5% -3.1% Fines, Pen & Int - Total 6.1 9.2% 54.4 32.0% 44.2% -9.3% 1 compared to the same period

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RTR-2013-12.pdf

a. 0.0% Lic, Fees & Misc - Total 23.5 2.0% 60.2 -50.9% -46.4% -9.3% Fines, Pen & Int - Total 7.6 31.6% 48.3 35.6% 75.1% -8.0% 1 compared to the same period

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RTR-2013-11.pdf

a. 0.0% Lic, Fees & Misc - Total (0.9) -104.9% 36.7 -63.1% -61.1% -6.8% Fines, Pen & Int - Total 7.7 121.4% 40.7 36.3% 107.7% -8.0% 1 compared to the same period

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RTR-2013-10.pdf

a. 0.0% Lic, Fees & Misc - Total 20.5 -7.4% 37.6 -54.3% -52.1% 1.5% Fines, Pen & Int - Total 2.0 -56.0% 33.0 25.1% 105.9% -15.3% 1 compared to the same period

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Revenue-Update-2020-04.pdf

two stylized scenarios. The income sources displayed in Table 2 reflect the majority of income received by Pennsylvania residents. Retirement (pensions, IRA disbursements) and transfer (Social Security) income are not shown because the analysis IFO Gov. Budget Office Official Mid-Year

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Revenue-Proposal-Analysis-2020-04.pdf

359,114) earned less than $25,000 and most likely qualified for state and federal subsidy programs de- pending on the number of family members. 44 The simulation used the 2016 Personal Income Tax micro data file for filers who claimed

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Revenue-Estimate-2020-05-Presentation.pdf

 Non-motor vehicle collections down ~20%  Motor vehicle revenues pick up | April -89%, May -67% YOY  Anticipate pent-up demand for personal care services, cars, etc. Can consumers maintain pace of spending?  $600 weekly FPUC payments end

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Revenue Trends Report - September 2012.pdf

a. -23.8% Lic, Fees & Misc - Total 22.6 72.7% 60.0 -5.1% -5.1% -48.5% Fines, Pen & Int - Total 4.1 337.4% 21.9 87.9% 87.9% 225.9% 1 compared to the same period

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Revenue Trends Report - October 2012.pdf

a. -23.8% Lic, Fees & Misc - Total 22.1 174.3% 82.1 15.2% 27.7% -46.3% Fines, Pen & Int - Total 4.5 -43.1% 26.4 35.3% -6.2% 139.0% 1 compared to the same period

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Revenue Trends Report - November 2012.pdf

a. -23.8% Lic, Fees & Misc - Total 17.4 928.1% 99.5 36.3% 171.9% -43.0% Fines, Pen & Int - Total 3.5 -26.4% 29.9 23.2% -10.7% 115.0% 1 compared to the same period

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Revenue Trends Report - May 2013.pdf

a. -23.8% Lic, Fees & Misc - Total 48.6 6.5% 424.0 18.2% 11.0% -35.5% Fines, Pen & Int - Total 2.4 -59.7% 53.4 4.3% -42.8% 29.3% 1 compared to the same period

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Revenue Trends Report - March 2013.pdf

a. -23.8% Lic, Fees & Misc - Total 62.0 35.2% 212.8 34.4% 21.7% -35.6% Fines, Pen & Int - Total 3.1 -12.7% 47.7 21.2% 6.5% 68.2% 1 compared to the same period

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Revenue Trends Report - June 2013.pdf

0% 0.0% Lic, Fees & Misc - Total 20.5 -16.3% 444.4 16.0% 3.1% 16.0% Fines, Pen & Int - Total 2.0 -87.0% 55.4 -16.5% -71.6% -16.5% 1 compared to the same period

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Revenue Trends Report - July 2013.pdf

0% 0.0% Lic, Fees & Misc - Total 20.5 2.1% 7.8 -61.2% -14.7% 13.6% Fines, Pen & Int - Total 2.0 -84.0% 3.9 -68.5% -75.3% -36.6% 1 compared to the same period

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Revenue Trends Report - July 2012.pdf

8% -23.8% Lic, Fees & Misc - Total 20.0 -11.6% 20.0 -11.6% -78.4% -58.0% Fines, Pen & Int - Total 12.2 177.2% 12.2 177.2% 338.6% 281.8% 1 compared to the same period

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Revenue Trends Report - January 2013.pdf

a. -23.8% Lic, Fees & Misc - Total 4.6 -72.1% 127.2 26.3% 53.2% -40.2% Fines, Pen & Int - Total 5.6 42.7% 41.2 29.0% 19.1% 92.8% 1 compared to the same period

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Revenue Trends Report - January 2012.pdf

5 -16.6% 29.4 -62.4% -70.2% -73.8% -14.3% -6.1% 684.9 -32.4% Fines, Pen & Int - Total 3.9 315.1% 12.5 219.8% 348.5% 200.0% 159.5% -79.5% 39.2

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Revenue Trends Report - February 2013.pdf

a. -23.8% Lic, Fees & Misc - Total 23.6 101.4% 150.8 34.1% 29.9% -37.5% Fines, Pen & Int - Total 3.4 -12.5% 44.6 24.5% 27.2% 81.1% 1 compared to the same period

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Revenue Trends Report - December 2012.pdf

a. -23.8% Lic, Fees & Misc - Total 23.0 106.0% 122.6 45.6% 198.7% -38.8% Fines, Pen & Int - Total 5.8 51.3% 35.7 27.1% -16.2% 104.0% 1 compared to the same period

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Revenue Trends Report - August 2013.pdf

0% 0.0% Lic, Fees & Misc - Total 20.5 17.6% 12.6 -66.4% -46.6% 13.3% Fines, Pen & Int - Total 2.0 -64.8% 15.6 -12.1% -46.5% -27.5% 1 compared to the same period

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Revenue Trends Report - August 2012.pdf

8% -23.8% Lic, Fees & Misc - Total 17.4 -36.7% 37.4 -25.4% -84.0% -50.1% Fines, Pen & Int - Total 5.6 -11.8% 17.8 65.9% 163.1% 218.2% 1 compared to the same period

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Revenue Trends Report - April 2013.pdf

a. -23.8% Lic, Fees & Misc - Total 162.5 5.1% 375.3 19.9% 16.9% -37.0% Fines, Pen & Int - Total 3.3 -43.7% 51.0 12.9% -26.2% 49.2% 1 compared to the same period

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Revenue Conference Presentation Jan 2013 FINAL.pdf

o Higher federal taxes reduce disposable income in 2013. o Psychological impact: fiscal cliff and debt ceiling. o Any residual pent‐up demand? 23.Jan.2013 2013 Revenue Conference 5 Consumer Sentiment Index 23.Jan.2013 2013 Revenue Conference 6 40

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Response-Letter-09-19-2019.pdf

Survey (PUMS), U.S. Census Bureau. For computations that use ACS data, all tabulations reflect the imputation of retirement income (pensions and IRA withdrawals) by the IFO to households that do and do not report the receipt of such income during

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Response-Letter-09-12-2019.pdf

Survey (PUMS), U.S. Census Bureau. For computations that use ACS data, all tabulations reflect the imputation of retirement income (pensions and IRA withdrawals) by the IFO to households that do and do not report the receipt of such income during

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Response-Letter-08-16-2019.pdf

Microdata Survey (PUMS), U.S. Census Bureau. Computations by the IFO. 2 Income includes retirement income such as Social Security, pensions and IRA withdrawals. 1 Millions of dollars. Excludes impact from elimination of Property Tax Rent Rebate Program. August 16, 2019

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RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdf

19 Stimulus Payments,” (February 2021), https://www.chicagofed.org/publications/working-papers/2020/2020-15. 7 These computations count employee pension contributions and Social Security taxes as savings. Independent Fiscal Office Page 7 federal stimulus across the four income groups are

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RB-2019-01.pdf

Collections from previously disputed wells and outstanding payments. This estimate includes (1) all payments disputed in 2017 based on previously pending litigation that are assumed to be collected as a result of the recent decision by the Pennsylvania Supreme Court regarding

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RB-2016-02.pdf

industries. The amounts reported here are ex‐ penditures from the Pennsylvania Race Horse Develop‐ ment Fund to purses, health and pension bene Ðits for horseman’s organizations, the Breeders’ Fund, Standard‐ bred Fund and the Sire Stakes Fund. Independent Fiscal Of

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PSBA-Property-Tax-Update-March-2020.pdf

ppts  Note: this excludes renters (but no good data on renter burden)  Tax retirement income: Social Security, IRAs, pensions  PA one of only 3 states that does not tax retirement income Sales tax: raise rate (6.0%) and

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PSBA Webinar - IFO - Act5_Actuarial.pdf

valuation.  Actuaries project it will decline to $600 million by the 6/30/2048 valuation. Investment fees.  Public Pension Management and Asset Investment Review Commission.  Study (1) current investment strategies, (2) costs and benefits of active and passive

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press release - economic and budget outlook.pdf

additional pressure on Medical Assistance expenditures.  Expenditure growth is driven by rising healthcare costs and mandated employer contributions for pensions, which are expected to outpace the growth in revenues. “The analysis reveals that the Commonwealth will face significant challenges in

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Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdf

changes. Impact of Demographics on the Long‐Term Economic and Budget Outlook 10 May 13, 2016 All Demographic Projections from Penn State Data Center. Reflects U.S. Census Estimates for 2015 • Large Wave of Retirements Next Decade • Demographic Changes Contribute to

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Presentation-Initial-Revenue-Estimate-2018-05.pdf

did firms respond to Tax Bulletin?  Has it been fully reflected in recent payments?  Have firms delayed payments pending resolution? First estimated payment for 2018 is strong.  March estimated payment up +9.0%.  Continued strength due to

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Presentation-2018-06-PICPA.pdf

Revenue Themes June.12.2018 10 Two Estimates of the Federal Tax Cut FFY 2018-19 ($ billions) Joint Committee U Penn Wharton Individuals and Pass Throughs -$188.8 -$168.5 Corporate – rate and tax base -133.8 -129.2 Corporate - tax

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Presentation-2018-06-Philly-Pitt-Chambers.pdf

income tax. June.04.2018 3 Two Estimates of the Federal Tax Cut FFY 2018-19 ($ billions) Joint Committee U Penn Wharton Individuals and Pass Throughs -$188.8 -$168.5 Corporate – rate and tax base -133.8 -129.2 Corporate - tax

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Presentation-2018-06-PASBO.pdf

income tax. June.05.2018 2 Two Estimates of the Federal Tax Cut FFY 2018-19 ($ billions) Joint Committee U Penn Wharton Individuals and Pass Throughs -$188.8 -$168.5 Corporate – rate and tax base -133.8 -129.2 Corporate - tax

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platt ppt.pdf

Income ▪ Earnings (Place of Work)  Compensation (Place of Work)  Wages and salaries  Supplements  Employer payments for pensions and health insurance  Employer contributions for social insurance  Proprietors’ income (sole and partnerships)  Less: Contributions for social

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PICPA_Presentation.pdf

Gaming Expansion 250 Reduce Tax Credits 100 Consolidation/Closures/Complement 351 2016-17 DHS Savings 165 Pupil Transport Savings & U. Penn Appropriation 82 Miscellaneous Efficiency Savings 451 Total Change to Balance Sheet $3,043 Note: Dollar amounts are in millions. Source

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perez ppt.pdf

2012 Sessions Source: NCSL survey of state legislative fiscal offices, fall 2011. 0 5 10 15 20 25 Budget Medicaid Pensions/State Employees Education Taxes/Revenues Transportation/Infrastructure Federal Deficit Reduction 22 19 14 14 7 7 6 States/Jurisdictions $40

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PBB_2020_PEMA_REPORT.pdf

programs that promote and deliver training, education and professional certifications for emergency service personnel throughout the Commonwealth. The Penn- sylvania State Fire Academy (SFA) is located in Lewistown, Pennsylvania and offers tuition-free, one- and two-week programs for in-state

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Official-Revenue-Estimate-2020-06-Presentation.pdf

 Non-motor vehicle collections down ~20%  Motor vehicle revenues pick up | April -89%, May -62% YOY  Anticipate pent-up demand for personal care services, cars, etc. Can consumers maintain pace of spending?  $600 weekly FPUC payments end

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NGIFE-2018.pdf

status. These wells have not been adjusted to re- flect a recent case affecting exemption qualifications. The case is currently pending on appeal before the Supreme Court. 3 Represents the fee for horizontal wells. The fee for vertical wells is 20

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NFIB_Presentation.pdf

What we do. ◦ General Fund revenue estimates (multiple releases). ◦ Five-year budget and economic outlook (November). ◦ Supply actuarial notes for pension legislation. ◦ Performance-based budget reports and tax credit reviews. ◦ Analysis of collective bargaining agreements. ◦ Special studies at request of General

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Newsstand_February_2020.pdf

received in expenditures. Spotted Lanternfly Causes Economic Damage Across the State A study by the College of Agricultural Sciences at Penn State University finds that the invasive spotted lantern- fly inflicts $50 million in damages per year in Pennsylvania. The spotted

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NewsStand_2019_August.pdf

On August 13, the Federal Reserve Bank of New York released U.S. consumer debt data for 2019 Q2. For Penn- sylvania, total debt grew to $472 billion, increasing 4.3% over the prior year. Primary mortgage debt, compris- ing 60%

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Newsstand_2018_July.pdf

July 24, the U.S. Bureau of Economic Analysis released real GDP data for 2018 Q1. The data show that Penn- sylvania ranked 19 th in real GDP growth (2.0%) for the first quarter (quarterly annualized growth rate). Pennsylva- nia

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NCSL_PA_IFO_11_15_21.pdf

employers • Government services affected by revenue reduction resulting in COVID-19 • Investments in water, sewer and broadband ○Ineligible uses: • Towards pensions or to offset revenue resulting in a tax cuts • Rainy day funds NATIONAL CONFERENCE OF STATE LEGISLATURES CSFRF State & Local

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NAP-2018-03.pdf

Under the NAP, SPP, NPP and CFP, a nonprofit neighborhood organization (applicant) applies to DCED for tax credits based on pending contributions from private for-profit companies (contributors) to fund an eligible project in a distressed area. The neighborhood organization must

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MTR-2019-04.pdf

19.9 9.1 Other Miscellaneous 1.7 10.9 58.3 1,815.7 -84.6 -96.8 Fines, Pen. & Int. - Total 7.9 7.3 72.5 73.5 8.3 -1.3 Author: jbushman CreationDate: 2019-05-03

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MTR-2019-03.pdf

404.6 -29.5 Other Miscellaneous (1.4) 5.6 56.7 1,804.8 -124.2 -96.9 Fines, Pen. & Int. - Total 6.6 7.3 64.6 66.2 -9.2 -2.4 Author: Lauren Mondschein CreationDate: 2019-04-

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MTR-2019-02.pdf

5 -38.0 Other Miscellaneous 6.0 1,556.2 58.0 1,799.2 -99.6 -96.8 Fines, Pen. & Int. - Total 6.7 6.2 58.0 59.0 8.0 -1.5 CreationDate: 2019-03-01 17:42

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MTR-2019-01.pdf

7) -61.4 -59.3 Other Miscellaneous 15.1 206.8 52.0 243.0 -92.7 -78.6 Fines, Pen. & Int. - Total 6.8 6.7 51.4 52.8 1.5 -2.7 Author: RFlaugh CreationDate: 2019-02-01

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MTR-2018-12.pdf

1) 105.4 -58.6 Other Miscellaneous 4.3 12.7 37.0 36.2 -66.5 2.2 Fines, Pen. & Int. - Total 7.0 9.0 44.5 46.0 -22.0 -3.3 Author: jbushman CreationDate: 2019-01-04

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MTR-2018-11.pdf

5) 72.4 -211.0 Other Miscellaneous 1.0 2.7 32.7 23.5 -62.6 39.4 Fines, Pen. & Int. - Total 6.3 6.8 37.5 37.0 -8.1 1.3 CreationDate: 2018-12-07 15:19

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MTR-2018-10.pdf

9) -653.1 n.a. Other Miscellaneous 9.2 5.6 31.7 20.8 66.0 52.7 Fines, Pen. & Int. - Total 7.4 7.1 31.2 30.2 3.4 3.4 Author: Lauren Mondschein CreationDate: 2018-11-

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MTR-2018-09.pdf

6) 92.4 n.a. Other Miscellaneous 8.2 4.2 22.5 15.2 96.7 47.8 Fines, Pen. & Int. - Total 7.5 7.1 23.9 23.1 7.1 3.4 Author: Lauren Mondschein CreationDate: 2018-10-

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MTR-2018-07.pdf

0 n.a. n.a. Other Miscellaneous 5.8 4.8 5.8 4.8 19.1 19.1 Fines, Pen. & Int. - Total 8.5 7.7 8.5 7.7 9.6 9.6 Author: kmaynard CreationDate: 2018-08-03

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MTR-2018-06.pdf

137.3 -63.1 Other Miscellaneous 65.3 (0.7) 1,878.1 290.0 n.a. 547.6 Fines, Pen. & Int. - Total (5.4) (5.9) 75.4 79.3 8.8 -4.9 Author: Lauren Mondschein CreationDate: 2018-07-

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MTR-2018-05.pdf

96.4 -58.4 Other Miscellaneous (2.9) 187.1 1,812.8 290.7 -101.6 523.7 Fines, Pen. & Int. - Total 7.3 11.9 80.7 85.2 -38.7 -5.2 Author: TDorr CreationDate: 2018-06-01

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MTR-2018-04.pdf

11.2 -7.7 Other Miscellaneous 10.9 32.2 1,815.7 103.6 -66.2 n.a. Fines, Pen. & Int. - Total 7.3 9.0 73.5 73.3 -19.2 0.2 Author: Lauren Mondschein CreationDate: 2018-05-

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MTR-2018-03.pdf

n.a. -35.7 Other Miscellaneous 5.6 2.9 1,804.8 71.4 94.6 n.a. Fines, Pen. & Int. - Total 7.3 6.0 66.2 64.3 21.2 2.9 GENERAL FUND REVENUES SUMMARY Author: RFlaugh

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MTR-2018-02.pdf

0 -38.8 Other Miscellaneous 1,556.2 0.1 1,799.2 68.5 n.a. n.a. Fines, Pen. & Int. - Total 6.2 6.6 59.0 58.4 -6.2 1.0 GENERAL FUND REVENUES SUMMARY Author: Lauren

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MTR-2017-10.pdf

6) (43) 7 80.6 86.3 Other Miscellaneous 6 7 4 21 43 29 -20.6 -51.5 Fines, Pen. & Int. - Total 7 7 7 30 31 30 5.3 -2.6 GENERAL FUND REVENUES SUMMARY Author: Lauren Mondschein CreationDate

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MTR-2017-09.pdf

3) (26) 11 -43.9 90.0 Other Miscellaneous 4 3 5 15 36 25 55.5 -57.6 Fines, Pen. & Int. - Total 7 7 7 23 24 23 -5.4 -4.8 GENERAL FUND REVENUES SUMMARY Author: jbushman CreationDate: 2017-

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MTR-2017-08.pdf

20 (10) 8 n.a. 287.6 Other Miscellaneous 6 4 7 11 33 20 57.6 (66.7) Fines, Pen. & Int. - Total 8 8 8 16 17 15 4.6 (4.5) GENERAL FUND REVENUES SUMMARY Author: Lauren Mondschein CreationDate

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MTR-2017-07.pdf

1 (11) 10 109.3 109.3 Other Miscellaneous 5 29 13 5 29 13 (83.4) (83.4) Fines, Pen. & Int. - Total 8 9 8 8 9 8 (12.7) (12.7) GENERAL FUND REVENUES SUMMARY Author: Lauren Mondschein CreationDate

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MTR-2017-06.pdf

5 Other Miscellaneous -0.7 3.3 0.5 290.0 90.8 289.1 -120.2 219.4 Fines, Pen. & Int. - Total -5.9 -10.5 -8.5 79.3 72.0 70.2 43.8 10.2 Author: Lauren

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MTR-2017-05.pdf

7 Other Miscellaneous 187.1 7.3 3.7 290.7 87.5 288.6 n.a. 232.2 Fines, Pen. & Int. - Total 11.9 8.5 8.2 85.2 82.4 78.7 40.1 3.3 Author: Lauren

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MTR-2017-04.pdf

4 Other Miscellaneous 32.2 20.5 6.6 103.6 80.2 282.9 56.8 29.1 Fines, Pen. & Int. - Total 9.0 8.2 6.9 73.3 74.0 70.5 9.2 -0.9 Author: Lauren

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MTR-2017-03.pdf

2 Other Miscellaneous 2.9 10.7 4.1 71.4 59.7 276.3 -73.1 19.6 Fines, Pen. & Int. - Total 6.0 7.6 6.5 64.3 65.8 63.6 -21.5 -2.2 Author: Lauren

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MTR-2017-02.pdf

5 Other Miscellaneous 0.1 5.2 6.0 68.5 49.0 272.2 -97.9 39.8 Fines, Pen. & Int. - Total 6.6 8.3 7.8 58.4 58.1 57.0 -20.0 0.4 Author: jbushman

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MTR-2017-01.pdf

2 Other Miscellaneous 4.3 8.6 6.5 68.4 43.8 266.2 -50.7 56.2 Fines, Pen. & Int. - Total 5.6 5.7 5.1 51.7 49.9 49.2 -0.4 3.8 Author: Lauren

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MTR-2016-12.pdf

2 Other Miscellaneous 18.9 4.7 1.1 64.1 35.2 259.7 300.4 82.4 Fines, Pen. & Int. - Total 7.3 6.8 7.4 46.1 44.2 44.1 7.4 4.3 Author: Lauren

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MTR-2016-11.pdf

0% Other Miscellaneous 2.4 1.7 8.0 45.2 30.4 258.7 39.3% 48.6% Fines, Pen. & Int. - Total 7.8 7.5 7.1 38.8 37.4 36.7 4.5% 3.7% Author: Lauren

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MTR-2016-10.pdf

8 Other Miscellaneous 7.0 3.7 5.5 42.8 28.7 250.7 89.7 49.1 Fines, Pen. & Int. - Total 6.8 7.1 6.9 31.0 29.9 29.6 -4.1 3.5 Author: Lauren

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MTR-2016-09.pdf

9 Other Miscellaneous 2.7 5.4 4.6 35.8 25.0 245.2 -50.7 43.1 Fines, Pen. & Int. - Total 7.5 7.5 8.6 24.2 22.9 22.7 -0.6 5.9 Author: Lauren

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MTR-2016-08.pdf

2 Other Miscellaneous 3.9 7.0 0.4 33.2 19.6 240.6 -43.7 69.0 Fines, Pen. & Int. - Total 7.9 7.8 7.4 16.8 15.4 14.1 1.7 9.1 Author: Lauren

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MTR-2016-06.pdf

9 Other Miscellaneous 3.3 0.5 5.9 90.8 287.1 90.6 590.6 -68.4 Fines, Pen & Int. - Total -10.5 -8.5 -8.9 72.0 70.2 70.9 -23.3 2.5 Author: mlindsay

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MTR-2016-05.pdf

9 Other Miscellaneous 7.3 3.7 12.1 87.5 286.6 84.7 97.2 -69.5 Fines, Pen & Int. - Total 8.5 8.2 7.0 82.4 78.7 79.8 3.7 4.8 Independent Fiscal

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MTR-2016-04.pdf

2 Other Miscellaneous 20.5 6.6 8.8 80.2 282.9 72.6 212.5 -71.6 Fines, Pen & Int. - Total 8.2 6.9 6.1 74.0 70.5 72.7 18.3 4.9 Independent Fiscal

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MTR-2016-02.pdf

4 Other Miscellaneous 5.2 6.0 30.5 49.0 272.2 59.3 -13.4 -82.0 Fines, Pen & Int. - Total 8.3 7.8 6.4 58.1 57.0 60.9 5.8 2.0 Independent Fiscal

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MTR-2016-01.pdf

0 Other Miscellaneous 8.6 6.5 3.1 43.8 266.2 28.8 32.6 -83.5 Fines, Pen & Int. - Total 5.7 5.1 6.1 49.9 49.2 54.4 10.4 1.4 Independent Fiscal

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MTR-2015-11.pdf

9 Other Miscellaneous 1.7 8.0 6.8 30.4 258.7 20.2 -78.5 -88.2 Fines, Pen. & Int. - Total 7.5 7.1 7.7 37.4 36.7 40.7 5.3 1.9 Independent Fiscal

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MTR-2015-10.pdf

7 Other Miscellaneous 3.7 5.5 0.5 28.7 250.7 13.3 -32.8 -88.5 Fines, Pen. & Int. - Total 7.1 6.9 8.7 29.9 29.6 33.0 2.4 1.1 Independent Fiscal

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MTR-2015-09.pdf

5 Other Miscellaneous 5.4 4.6 4.6 25.0 245.2 12.8 16.9 -89.8 Fines, Pen. & Int. - Total 7.5 8.6 8.6 22.9 22.7 24.3 -12.5 0.7 Independent Fiscal

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MTR-2015-08.pdf

Other Miscellaneous 7.0 0.4 3.3 19.6 240.6 8.2 1,875.5 -91.8 Fines, Pen & Int. - Total 7.8 7.4 11.8 15.4 14.1 15.6 5.7 8.8 Independent Fiscal

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MTR-2015-07.pdf

0 Other Miscellaneous 12.6 240.2 4.9 12.6 240.2 4.9 -94.7 -94.7 Fines, Pen & Int. - Total 7.6 6.8 3.9 7.6 6.8 3.9 12.1 12.1 Independent Fiscal

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MRU-2020-07.pdf

monthly collections exceeded the prior year total by $154.8 million, or 6.6 percent. Revenues were likely bolstered by pent-up demand from COVID-19 business closures earlier this year and the continued effect of federal economic impact payments and

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MRU-2020-06.pdf

by an overage in motor vehicle (MV) SUT collections ($22.9 million). June MV SUT collections were likely boosted by pent-up demand from business closures in March, April and May. SUT collections for the fiscal year were $726.0 million

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MGMT Nonrepresented Wage Contract.pdf

rate: weighted-average rate of 43.6%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of 40% implies that those

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Five_Year_Outlook_Presentation_2021.pdf

inflation gains from COVID Expenditures significant increase in healthcare costs ▪ Unclear how wage pressures and inflation will impact costs ▪ SERS pension costs decline November 15, 2021 3 Four Key Assumptions Inflation decelerates, but does not reverse ▪ Nominal sales and use tax

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Five_Year_Outlook_2016_Press_Release.pdf

2021-22 as one-time revenues expire and loan repayments and funding shifts take effect.  The growth rate for pension contributions moderates after FY 2017-18. While expenditures remain at historically high levels, the double-digit annual growth rates are

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Five_Year_Outlook_2015_Press_Release.pdf

term fiscal imbalance. The findings include:  For FY 2017-18 through FY 2020-21, the rate of increase for pension contributions moderates and the imbalance begins to stabilize as net revenues and expenditures each increase at an average rate of

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Five_Year_Outlook_2014_Press_Release.pdf

measures are not repeated. The resulting “snapback” lowers revenues and increases expenditures for FY 2015-16. • Mandated employer contributions for pensions continue to drive much of the expenditure growth in the near term. However, the annual growth begins to moderate after

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Five-Year-Outlook-Nov-2013-Press-Release.pdf

steadily. By the end of the current fiscal year, those funds will be nearly exhausted.  Mandated employer contributions for pensions and healthcare inflation continue to drive much of the expenditure growth in the five year projections.  The Pennsylvania economy

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Demographics_Outlook_2021.pdf

2020 De- cennial Census count. 1 From the base year, the IFO projects birth, death and net migration rates for Penn- sylvania residents. Incorporated impacts from the COVID-19 pandemic are detailed in the sub-sections of births, deaths and migration

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County-Prop-Tax-RB.pdf

with adjustments made by the IFO. For computations that use ACS data, all tabulations reflect the imputation of retirement income (pensions and IRA withdrawals) by the IFO to certain older households that do and do not report such income. Multiple studies

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CompetePA_March_11_2021.pdf

monies must be spent on costs incurred prior to Dec 2024 and cannot be used to reduce taxes or make pension contributions. PA Payroll Jobs: Change from Prior Year March 11, 2021 6 Number Change (000s) Percent Change Apr Dec Apr

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Budget_Hearing_Background_Feb2016.pdf

October 2015)  Quarterly Revenue Review (October 2015)  Raising the Minimum Wage in Pennsylvania (November 2015)  Shared Risk Pension Analysis (December 2015)  Economic and Budget Outlook: Fiscal Years 2015‐16 to 2020‐21 (January 2016)  Quarterly Revenue

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Announcement_2021.pdf

will be held virtually. Why have workers departed the state labor force? How long will inflation remain elevated? Does any pent-up demand remain from unspent federal stimulus? The IFO will present its annual report on the fiscal outlook for the

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2021-SD-Property-Tax-Forecast.pdf

exceptions in order to increase its millage rate beyond its Act 1 index. 6 The statute currently authorizes four exceptions: pension obligations, special education expenditures, grandfathered debt service and electoral debt service. 7 The forecast projects that school districts will qualify

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Releases

pressure on prices and inflation. Tags: growth , wage Full Report Older Newer Release Type • Revenue Estimates • Revenue & Economic Update • Performance Budgeting • Natural Gas • Pension Analysis • Property Tax • Wage Contracts • Tax Credit Review • News Stand & Other Archives Year: All 2021 2020 2019 2018 2017 2016

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