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Treasury Windfalls Boost Revenues

Treasury collections are up dramatically from prior years. This research brief examines the cause of the windfalls and explains why they aren’t expected to continue over the long-term.

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treasury Windfalls Boost Revenues

treasury collections are up dramatically from prior years. This research brief examines the cause of the windfalls and explains why they aren’t expected to continue over the long-term.

09/25/2023

2007_divestment_complete_report.pdf

The state of Florida recently enacted legislation specifically addressing divestment from companies doing business with Iran and Sudan. The state treasurers of at least three states, Connecticut, Missouri, and Vermont, have adopted policies requiring screening of investments in companies doing business and would presumably be applicable to the holdings of most other Commonwealth funds, including those held by the Department of Treasury. However, the determination of the bill’s impact upon nonpension funds is beyond the scope of this analysis. Therefore, the

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ACN_SB1071_A10803_text.pdf

1) To facilitate the payment of amounts due from any employer to the fund and the trust through the State Treasurer and to permit the exchange of credits between the State Treasurer and any employer, the Secretary of Education and the State Treasurer shall cause to be deducted and paid into the

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RB_09_2023_Treasury.pdf

The Pennsylvania Treasurer generally invests all Commonwealth funds not required to meet current operational needs. For purposes of the General Fund, this excess duration, with a goal of generating a competitive return while preserving capital (e.g., money market funds). (See the Pennsylvania Treasury website for more information.) Treasury earnings are posted monthly as General Fund revenue and those amounts have increased dramatically over

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Five_Year_Outlook_2023.pdf

expansion are: ▪ Reduced revenues from the phased-in corporate net income tax rate reduction, an assumed profits contraction and lower Treasury collections. ▪ Strong expenditure growth for the intellectual disabilities and long-term living programs. This out- come occurs due to the by recent weakness in CNIT and personal income tax (PIT) quarterly payments and is partially offset by higher than anticipated Treasury collections and strength in PIT annual payments. FY 2023-24 collections are expected to increase 0.6% to $45.19

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2006_surviving_spouse_healthcare_study.pdf

Retirement System State Ethics Commission State System of Higher Education ** State Tax Equalization Board Thaddeus Stevens College of Technology Transportation Treasury Department * Pennsylvania State Police Officers have their own eligibility requirements and benefit levels that differ from those for regular REHP better view is that compensation is not awarded at the point when it is actually paid out of the State Treasury but that the crucial time for determination under Article III, § 26 is July 1, 1978, the date the award becomes

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Five_Year_Outlook_2022.pdf

s Official Revenue Estimate released in June 2022. 6 This result is driven by CNIT, non-motor vehicle SUT and Treasury collec- tions, which combined are expected to outperform the IFO’s Official Revenue Estimate by $1.27 billion. For FY sumes a partial reversion to levels more consistent with recent historical values relative to the size of the state economy. ▪ Treasury collections increase dramatically from $23 million in FY 2021-22 to a projected $373 mil- lion in FY 2022-23

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Revenue_Estimate_2023_06.pdf

Since then, revenues primarily led by corporate net income tax (CNIT), non- motor vehicle sales and use tax (SUT) and Treasury, have dramatically outperformed expectations. Based on year-to-date revenue collections and projections for the remainder of the fiscal year retail sales from dining out, (2) higher prices (inflation) and (3) the extension of the student loan repayment moratorium.  Treasury revenues continue to outperform expectations, as the General Fund balance remains high and interest rates increased more rapidly than expected

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Revenue-Estimate-2023-05.pdf

Since then, revenues primarily led by corporate net income tax (CNIT), non- motor vehicle sales and use tax (SUT) and Treasury, have dramatically outperformed expectations. Based on year-to-date revenue collections and projections for the remainder of the fiscal year retail sales from dining out, (2) higher prices (inflation) and (3) the extension of the student loan repayment moratorium.  Treasury revenues continue to outperform expectations, as the General Fund balance remains high and interest rates increased more rapidly than expected

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Five_Year_Outlook_2021.pdf

the IFO projects will total $3.3 billion through December. ▪ Federal stimulus legislation authorized the U.S. Department of the Treasury to provide funding for emergency rental and homeowner assistance directly to tenants and homeowners. Ap- proximately $1.5 billion has adjusted. Figures for September 2021 are preliminary. Excludes self-employed. Economic Outlook | Page 15 ▪ Expanded federal benefits. The U.S. Treasury Department started to advance new, fully refunda- ble CTCs in July 2021. For October 2021, Pennsylvania payments were as follows

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Revenue-Estimate-2020-05.pdf

programs. Of the allocated amounts, $3.9 billion represents general state aid ad- ministered by the U.S. Treasury Department, and the remaining $1.9 billion represents support for education, public health initiatives, food and nutrition access, small urbanized and rural  Local support reflects funds allocated to eligible large local governments ($1.0 billion) by the U.S. Treasury Department and also includes roughly $1.0 billion in grants administered by the Federal Transit Agency to support local transit agencies. The

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PBB_2023_DOR_REPORT.pdf

Pick 2, Pick 3, Pick 4, Pick 5 and Wild Ball; In-State (IS) includes Cash 5, Match 6 and Treasure Hunt; Multi-State (MS) includes Mega Millions, Powerball and Cash4 Life; and Other includes Keno, Xpress Sports and Raffle. Percentages to eligible Pennsylvanians. Expected outcomes include (1) increased claims within the eligible population (2) increased share of claims sent to Treasury by July 1 st and (3) increased claims processed electronically. 17-18 Actual 18-19 Actual 19-20 Actual 20-

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

state GDP and the log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note. Rents, Royalties, Patents and Copyrights: The model assumes that the overall growth in

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

state GDP and the log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note. Rents, Royalties, Patents and Copyrights: The model assumes that the overall growth in

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Official-Revenue-Estimate-2020-06.pdf

programs. Of the allocated amounts, $3.9 billion represents general state aid ad- ministered by the U.S. Treasury Department, and the remaining $2.0 billion represents support for 5 The 1.1 million figure represents the four-week average for  Local support reflects funds allocated to eligible large local governments ($1.0 billion) by the U.S. Treasury Department and also includes roughly $1.0 billion in grants administered by the Federal Transit Agency to support local transit agencies. The

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Official-Revenue-Estimate-2018-06.pdf

Outlook (April 2018) from the Congressional Budget Office projects that the yield on a 10-year U.S. Treasury note will increase from 2.3 percent (2017) to 3.7 percent (2019) while the 3-month U.S. Treasury bill increases from 0.9 percent to 2.9 percent. The text that follows provides brief discussions for the consumer price index

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Initial-Revenue-Estimate-2018-05.pdf

Budget Office Budget and Economic Outlook (April 2018) projects that the yield on a 10-year U.S. Treasury note will increase from 2.3 percent (2017) to 3.7 percent (2019) while the 3-month U.S. Treasury bill increases from 0.9 percent to 2.9 percent. The text that follows provides brief discussions for the consumer price index

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Revenue_Estimate_2022_06.pdf

rates paid by consumers and businesses. ▪ The Fed announced that it will begin to “taper” its holding of U.S. Treasuries and mortgage-backed securities, which will reduce the money supply. Under the announced schedule, holdings may be reduced by a Store Fund Transfers 185 0.0 185 0.0 0 Licenses and Fees 169 -9.6 168 -10.4 -1 Treasury 12 28.0 16 68.6 4 Escheats 233 -0.7 265 12.9 32 Other Miscellaneous 3,896 -- 3

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Revenue_Estimate_2022_05.pdf

rates paid by consumers and businesses. ▪ The Fed announced that it will begin to “taper” its holding of U.S. Treasuries and mortgage-backed securities, which will reduce the money supply. Under the announced schedule, holdings may be reduced by a Store Fund Transfers 185 0.0 185 0.0 0 Licenses and Fees 169 -9.6 189 0.8 20 Treasury 12 28.0 16 68.6 4 Escheats 233 -0.7 276 17.7 43 Other Miscellaneous 3,896 -- 3

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Revenue-Estimate-2019-05.pdf

Transfers 185 -0.1 185 0.0 0 Licenses and Fees 224 -30.8 312 -3.5 88 Treasury 51 62.0 65 107.7 14 Escheats 110 55.5 80 13.0 -30 Other Miscellaneous 69 -96.3 67 -96 Store Fund Transfers 185 0.0 185 0.0 Licenses and Fees 312 -3.5 184 -41.1 Treasury 65 107.7 40 -37.9 Escheats 80 13.0 78 -2.8 Other Miscellaneous 67 -96.4 33 -51.0 Fines

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PBB_2022_DLI_REPORT.pdf

9% 8.6% 5.9% 4.5% 4.8% -- Funds Recovered ($ millions) Labor & Industry 2 -- -- -- -- $46.5 $23.4 PA Treasury 2 -- -- -- -- $501.0 $608.4 U.S. Treasury Intercepts 2 $8.0 $20.5 $9.8 $9.4 $6.1 $1.6 Statewide Indicator Unemployment rate 2,3

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Official_Revenue_Estimate_Methodology_2023_06.pdf

the Commonwealth Financing Authority for debt service payments. The amount and timing of the transfers are determined by the State Treasurer and Secretary of the Budget. For FY 2022-23, this transfer totaled $164 million. Exemptions Major exemptions include: food (ready- log of state GDP and the log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note.  Rents, Royalties, Patents and Copyrights

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Official_Revenue_Estimate_Methodology_2022.pdf

the Commonwealth Financing Authority for debt service payments. The amount and timing of the transfers are determined by the State Treasurer and Secretary of the Budget. Exemptions Major exemptions include: food (ready-to-eat food is not exempt), most footwear and log of state GDP and the log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note. ▪ Rents, Royalties, Patents and Copyrights: The

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Official_Revenue_Estimate_Methodology_2021.pdf

the Commonwealth Financing Authority for debt service payments. The amount and timing of the transfers are determined by the State Treasurer and Secretary of the Budget. Exemptions Major exemptions include: food (ready-to-eat food is not exempt), most footwear and log of state GDP and the log of a computed five-year weighted average rate for (1) the three- month treasury bill, (2) the one-year treasury bill and (3) the five-year treasury note. ▪ Rents, Royalties, Patents and Copyrights: The

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Official-Revenue-Estimate-2019-06.pdf

Transfers 185 -0.1 185 0.0 0 Licenses and Fees 224 -30.8 317 -1.7 93 Treasury 51 62.0 73 131.3 22 Escheats 110 55.5 83 16.8 -27 Other Miscellaneous 69 -96.3 68 -96 Store Fund Transfers 185 0.0 185 0.0 Licenses and Fees 317 -1.7 185 -41.7 Treasury 73 131.3 43 -41.0 Escheats 83 16.8 91 9.9 Other Miscellaneous 68 -96.4 34 -49.9 Fines

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MTR-2019-05.pdf

non-tax revenues surpassed the estimate by $2.4 million. The result was due to higher than predicted escheats and treasury collections which were partially offset by a shortfall in licenses and fees (-$3.7 million). Licenses and fees were impacted non-tax revenues continue to exceed estimate ($96.7 million) due to higher than anticipated licenses and fees payments and treasury collections. General Fund Snapshot General Fund Tax Revenue Non-Tax Revenue May-19 $2,616 $2,582 $34 Growth 6

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MRU_2023_06.pdf

primarily the result of higher than anticipated corporate net income tax (CNIT), non-motor sales and use tax (SUT) and Treasury collections. CNIT collections for June reached $1.02 billion, $259.6 million (34.3%) more than expected. The monthly performance June non-tax revenues were $72.1 million, which exceeded projections by $44.9 million, due to an overage in Treasury collections (+$63.3 million), which was partially offset by a shortfall in escheats (-$17.9 million) collections. Fiscal year non-

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MRU_2022_12.pdf

December were $55.5 million, which exceeded the forecast by $22.5 million (68.1%), due to an overage in treasury (+$33.9 million) collections. FYTD non-tax revenues are $346.7 million, $125.0 million (56.4%) above projections due to stronger than expected treasury collections (+$152.6 million), and are partially offset by lower than anticipated escheat collections (-$43.3 million). Treasury collections for

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MRU-2022-11.pdf

for November were $136.0 million, which exceeded the forecast by $24.4 million (21.9%), as a result of treasury (+$28.9 million) collections. FYTD non-tax revenues are $291.2 million, $102.5 million (54.3%) above projections due to stronger than expected treasury (+$118.7 million) and other miscellaneous (+$14.0 million) receipts. Treasury collections for the fiscal year are exceeding estimate due

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MQRE-FY18-19-July.pdf

Insurance Premiums -2.0 Bank Shares -1.8 Personal Income - Withholding -25.1 Personal Income - Annual -7.5 Treasury 30.4 Total -13.5 Table 1 General Fund Adjustments Note: figures in dollar millions. Includes the impact of Acts 39 and 0 185 Licenses and Fees 7 7 7 40 26 56 8 8 39 16 2 8 224 Treasury 36 1 1 1 1 1 1 1 3 1 1 2 51 Escheats -6 6 -19 -4 -12 -20 -15 -1

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Five_Year_Outlook_Presentation_2023_final.pdf

controlled simulation | PA economy reverts to long-term growth Revenues ▪ Corporate profits still at very high levels, but reversion expected ▪ Treasury collections surge to $680 million in FY 2023-24 Expenditures ▪ New wage contracts built in (effective July 2023) ▪ Expiring FMAP 256 $15,691 $16,120 Corporate Net Income $5,540 $5,139 $4,767 $4,572 $4,439 $4,292 Treasury Collections $678 $561 $323 $207 $75 $75 All Other $6,619 $6,685 $6,824 $7,013 $7,231 $7

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Five_Year_Outlook_2020.pdf

384 17,953 Criminal Justice 2 2,616 1,612 2,694 2,788 2,852 2,908 2,976 Treasury 1,197 1,235 1,283 1,321 1,387 1,417 1,514 All Other 3,306 3,177 4 3.3 Criminal Justice 2 2.1 -38.4 67.1 3.5 2.3 2.0 2.3 Treasury 2.8 3.2 3.9 2.9 5.0 2.2 6.9 All Other 5.8 -3.9

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Five_Year_Outlook_2019.pdf

745 Criminal Justice 3 2,562 2,691 2,768 2,840 2,933 3,001 3,061 Treasury 1,165 1,192 1,253 1,300 1,339 1,402 1,427 State Police 307 369 410 456 514 552 7 Criminal Justice 3 5.1 5.0 2.9 2.6 3.3 2.3 2.0 Treasury 3.9 2.4 5.1 3.8 2.9 4.7 1.8 State Police 21.8 20.2 11.3

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2024_Mid_Year_Update_Final.pdf

838 -54 -9.5 Realty Transfer 649 543 -106 -15.7 All Other 4,098 4,437 339 10.1 Treasury earnings Note: Dollar millions. Official estimate is adjusted for tax law changes enacted in December 2023. PIT is personal income S. Bureau of Economic Analysis, FactSet. Other Revenue Trends Realty Transfer US home sales at all time low since 1995 Treasury Earnings FY 23-24 estimate is $791 million Cigarette Pre-Covid trend decline of -4.5% per annum Mid-Year

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TC_2020_Research and Development Tax Credit.pdf

tax credit, recent analyses from government and private entities include:  A working paper by the U.S. Treasury Department (2016) surveyed credible research and noted that much research finds that “an elasticity of -1.0 best represents the literature.” 12 spending to fall by one percent. 16 12 “Research and Experimentation Credit (R&E),” U.S. Department of Treasury, Office of Tax Analysis (October 2016). 13 “Research Tax Credit: Current Law and Policy Issues for the 114 th Congress,” Congressional Research

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

Job Training $0 Rehabilitation Center 23,155 Liquor Control Board State Stores 2,742,307 Military and Veterans Affairs State Treasury Armory 1,710 PA Emergency Management 911 Fund 330,305 Volunteer Companies Loan 20,000 PA Higher Education Assistance Higher 905 13-14 14-15 15-16 16-17 17-18 18-19 Actual Actual Actual Actual Actual Available State Treasury Armory Fund Receipts $2,050 $3,658 $1,108 $544 $993 $660 Disbursements 1,120 2,274 1,525 928

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Roundtable_Jan_2024_Final.pdf

Excludes CNITrate cut new SUT transfer Other Revenue Trends Realty Transfer US home sales at all time low since 1995 Treasury Earnings FY 23-24 estimate is $791 million Cigarette Jan 2024 Roundtable Slide 16 Very strong lock in effect from 2024 Roundtable Growth Rate Dollar Change Notes General Fund Revenues 0.6% $250 growth is 2.9% excluding CNIT and Treasury Corporate Net Income -10.6 -601 rate falls to 8.49% (2024) and 7.99% (2025) Sales - Non-Motor 2

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Revenue_Estimate_2021_05.pdf

Store Fund Transfers 185 0.0 185 0.0 0 Licenses and Fees 180 34.9 172 29.2 -8 Treasury 12 -60.8 10 -65.5 -2 Escheats 205 -5.8 229 5.7 24 Other Miscellaneous 570 n.a 5 State Store Fund Transfers 185 0.0 185 0.0 Licenses and Fees 172 29.2 155 -9.9 Treasury 10 -65.5 12 17.6 Escheats 229 5.7 233 1.6 Other Miscellaneous 580 n.a. 50 -91

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RB_2023_03_Rental_Assistance.pdf

do not expire until September 2025, allocated amounts are unlikely to last beyond 2023. The adjacent figure uses U.S. Treasury data to display actual expenditures through 2022 Q3 and projections through 2023. 6 The lighter blue bars depict quarters in data should be considered upper bound estimates and may overstate the number of unique households impacted. 6 See: United States Treasury Department, Emergency Rental Assistance Program. $13 $131 $247 $197 $181 $160 $146 $137 $128 $124 $120 $38 $0 $50 $100

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RB_2020_12_PPP_Loans_to_PA_Businesses.pdf

2.5 times the firm’s average monthly payroll costs or $10 million, whichever is lower. 4 See https://home.treasury.gov/policy-issues/cares-act/assistance-for-small-businesses/sba-paycheck-protection- program-loan-level-data. PPP Loans to PA even without the loan. The latest economic data 11 See https://www.grassley.senate.gov/news/news-releases/grassley-wyden-treasury-misses-mark-ppp-loan- expense-deductibility-guidance. 12 See https://home.treasury.gov/news/press-releases/sm1187. 13 See https

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QRE_FY14-15.pdf

3 Licenses, Fees and Misc. Licenses and Fees 21.8 37.7 43.0 80.9 183.4 Treasury 14.6 -9.6 2.2 0.9 8.1 Escheats -4.9 -2.0 48.8 260.6 302.5 Other 6 1.2 0.0 Miscellaneous Motor Receipts 9.3 11.6 17.0 13.4 51.3 Treasury 6.4 7.7 14.0 9.9 38.0 Transportation 2.7 3.6 2.7 3.1 12.1 General

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

Retirement Law. Administration and Financing. PMRS is administered by the eleven member Pennsylvania Municipal Retirement Board composed of: • The State Treasurer, • The Secretary of the Commonwealth, • Six elected officials or employees from member local governments, • One firefighter from a member local commissioners, the county controller (or, if the county does not have an elected controller, the chief clerk), and the county treasurer. The administrative expenses of the system are paid by the county under appropriations made on the basis of estimates submitted

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PBB_2021_DMVA_REPORT_ADDENDUM.pdf

28.2 26.4 General Fund (Federal) 126.4 131.6 134.7 138.8 164.5 211.4 State Treasury Armory Fund 1.5 0.9 1.7 1.6 1.3 1.4 Veterans’ Trust Fund 1.2 1 0.30 0.27 General Fund (Federal) 39.06 38.49 41.93 43.63 50.24 70.17 State Treasury Armory Fund 1.53 0.93 1.76 1.59 1.35 1.42 Total 49.68 48.85 53

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Newsstand_2018_October.pdf

years were as follows: 2016 (0.0%), 2017 (0.3%) and 2018 (2.0%). - October 2018 - National News U.S. Treasury Posts $779 Billion Deficit for FFY 2018 On October 15, the U.S. Treasury Monthly Treasury Statement showed an official federal deficit for federal fiscal year (FFY) 2018 of $779 billion. The deficit is

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MTR-2019-03.pdf

are $36.4 million above estimate due primarily to greater than anticipated licenses and fees payments ($68.4 million) and treasury collections ($14.4 million). Other taxes were $19.1 million short of estimate, with gross receipts (-$19.3 million) and Revenue Collection Account and Housing Affordability and Rehabilitation Enhancement Fund and (2) issues related to fluctuating payment due dates.  Treasury collections (next page) for the fiscal year include $30.4 million for a settlement under the Air Pollution Control Act

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MTR-2019-02.pdf

are $60.6 million above estimate due to greater than anticipated licenses and fees (largely related to gaming expansion) and treasury collections, although lower escheats collections partially offset those gains. General Fund Snapshot General Fund Tax Revenue Non-Tax Revenue Feb- Revenue Collection Account and Housing Affordability and Rehabilitation Enhancement Fund and (2) issues related to fluctuating payment due dates.  Treasury collections (next page) for the fiscal year include $30.4 million for a settlement under the Air Pollution Control Act

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MTR-2018-11.pdf

estimate due to weaker than expected escheats collections, but are partially offset by greater than anticipated licenses and fees and treasury collections. General Fund Snapshot General Fund Tax Revenue Non-Tax Revenue Nov-18 $2,337 $2,179 $158 Growth 1 Revenue Collection Account and Housing Affordability and Rehabilitation Enhancement Fund and (2) issues related to fluctuating payment due dates.  Treasury collections (next page) for the fiscal year include $30.4 million for a settlement under the Air Pollution Control Act

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MTR-2018-10.pdf

by $35.5 million as a result of historically low escheat payments, which are partially offset by an overage in Treasury collections. General Fund Snapshot General Fund Tax Revenue Non-Tax Revenue Oct-18 $2,474 $2,445 $30 Growth 13 Revenue Collection Account and Housing Affordability and Rehabilitation Enhancement Fund and (2) issues related to fluctuating payment due dates.  Treasury collections (next page) for the fiscal year include $30.4 million for a settlement under the Air Pollution Control Act

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MTR-2018-08.pdf

collections (-$28.4 million, due to higher than expected claims) and fines, penalties and interest (-$1.4 million). Gains in treasury collections ($5.1 million), other miscellaneous collections ($1.1 million) and licenses and fees ($1.2 million) partly offset weak Revenue Collection Account and Housing Affordability and Rehabilitation Enhancement Fund and (2) issues related to fluctuating payment due dates.  Treasury collections (next page) for the fiscal year include $30.4 million for a settlement under the Air Pollution Control Act

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MRU_2024_1.pdf

tax (PIT) collections and partially offset by overages in corporate net income tax (CNIT), sales and use tax (SUT) and Treasury collections. The IFO estimate for January was $104.9 million higher than the administration’s recertified estimate. This month’s the result of a December processing delay. FYTD licenses and fees collections are +$7.7 million (+9.1%) above estimate. ▪ Treasury collections of $114.0 million (+$81.5 million, +250.8%) included $59.0 million in unusual one-time earnings. Monthly

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MRU_2023_02.pdf

February were $49.8 million, which exceeded the forecast by $33.0 million (196.2%), due to an overage in treasury collections (+$37.5 million). FYTD non-tax revenues are $434.3 million, $168.0 million (63.1%) above projections due to stronger than expected treasury collections (+$227.5 million), and are partially offset by lower than anticipated escheat collections (-$69.0 million). Monthly Revenue Update

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MRU-2023-04.pdf

tax collections were $310.0 million, which exceeded projections by $48.4 million (18.5%), due to an overage in treasury (+$47.9 million) and escheats (+$24.0 million) collections. FYTD non-tax revenues are $986.2 million, $284.3 million (40.5%) above estimate due to stronger than expected treasury collections (+$317.2 million) offset by a shortfall in escheats collections (-$29.8 million). Monthly Revenue Update April 2023 FY

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MRU-2023-03.pdf

March were $241.9 million, which exceeded the forecast by $67.9 million (39.0%), due to an overage in treasury collections (+$41.9 million). FYTD non-tax revenues are $676.2 million, $235.9 million (53.6%) above projections due to stronger than expected treasury collections (+$269.3 million), and are partially offset by lower than anticipated escheat collections (-$53.8 million). Monthly Revenue Update

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MRU-2023-01.pdf

January were $37.9 million, which exceeded the forecast by $10.1 million (36.2%), due to an overage in treasury collections (+$37.3 million). FYTD non-tax revenues are $384.6 million, $135.1 million (54.1%) above projections due to stronger than expected treasury collections (+$190.0 million), and are partially offset by lower than anticipated escheat collections (-$61.9 million). Monthly Revenue Update

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MRU-2022-10.pdf

Non-tax collections were $45.4 million, which surpassed the October estimate by $21.2 million (87.5%), driven by treasury (+$27.9 million) collections. FYTD non-tax revenues are $78.1 million (101.3%) above projections due to stronger than expected treasury (+$89.9 million) and other miscellaneous (+$8.8 million) receipts. These overages are undercut by escheats (-$13.7 million); licenses

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MRU-2022-09.pdf

Non-tax revenue collections exceeded the monthly estimate by $17.1 million (112.7%) due primarily to an overage in treasury collections (+$27.7 million). FYTD non-tax revenues are over estimate by $56.9 million, also largely the result of treasury collections (+$62.0 million). Monthly Revenue Update September 2022 FY 2022-23 Revenue Performance Through September September Collections Fiscal Year

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MRU-2022-08.pdf

Non-tax revenue collections exceeded the monthly estimate by $18.9 million (117.3%) due primarily to an overage in treasury (+$21.1 million) collections. FYTD non -tax revenues are over estimate by $39.8 million due to treasury (+$34.3 million) and other miscellaneous (+$9.7 million) collections. Monthly Revenue Update August 2022 FY 2022 -23 Revenue Performance

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MRU-2022-06.pdf

exceeded the monthly estimate (+$24.6 million). The result was mainly due to overages in escheats (+$9.7 million) and treasury (+$7.3 million) collections. Fiscal year non-tax revenues exceeded estimate by $87.4 million mainly due to escheats (+$45.5 million), other miscellaneous (+$28.1 million) and treasury (+$11.1 million) collections. Monthly Revenue Update June 2022 FY 2021-22 Revenue Performance Through June June Collections Fiscal Year

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MQRE_FY23-24_08_2023.pdf

0 0 0 185 Licenses and Fees 11 16 8 6 8 31 5 9 47 5 13 6 165 Treasury 61 55 46 36 33 33 33 36 35 36 42 43 488 Escheats -11 -19 -20 8 -19 -16 0.6 0.6 0.6 2.5 Other Motor Receipts10.1 3.6 12.8 13.9 40.4 Treasury 9.3 6.6 9.0 11.1 36.0 Transportation 0.4 0.4 0.4 0.4 1

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MQRE_FY22_23_August.pdf

0 0 0 185 Licenses and Fees 10 8 11 6 6 25 16 7 44 14 5 5 158 Treasury 2 2 2 1 1 1 1 1 0 1 2 3 16 Escheats -6 -9 -11 7 -4 -5 6 0.4 2.4 3.9 Other Motor Receipts 3.9 -0.7 3.1 2.9 9.2 Treasury 1.2 1.0 1.2 1.4 4.8 Transportation 0.6 0.5 0.5 0.0 1

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MGMT Nonrepresented Wage Contract.pdf

Council, PA Infrastructure Investment Authority, PA Port Authorities, Patient Safety Authority and the PA Gaming Control Board. All other agencies (Treasury, Judiciary, Legislature, etc.,) are not included in the analysis. September 20, 2019 Page 2 In order to estimate the incremental Council, PA Infrastructure Investment Authority, PA Port Authorities, Patient Safety Authority and the PA Gaming Control Board. All other agencies (Treasury, Judiciary, Legislature, etc.,) are not included in the analysis. 2/ Annual savings from the replacement of high-wage senior workers

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MER-2014-09.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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June_Revenue_Estimate_2021.pdf

Store Fund Transfers 185 0.0 185 0.0 0 Licenses and Fees 180 34.9 188 40.5 8 Treasury 12 -60.8 11 -61.8 -1 Escheats 205 -5.8 230 6.0 25 Other Miscellaneous 570 n.a 9 State Store Fund Transfers 185 0.0 185 0.0 Licenses and Fees 188 40.5 169 -9.8 Treasury 11 -61.8 12 6.2 Escheats 230 6.0 233 1.3 Other Miscellaneous 583 n.a. 55 -90

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FTA_Student_Loan_Presentation_Oct_2023.pdf

loans (2020) ▪ IRS: student loan interest deduction falls ~50% from 2019 to 2021 (prelim) ▪ Dept of Ed remittances to US Treasury: fall 60% (2020) to 85% (2023) October 3, 2023 5 Repayment Status of Debt: Dollars and Borrowers (2019) October 3 Board, Trends in College Pricing and Student Aid. But some were still paying Monthly Remittances: Dept of Education to US Treasury October 3, 2023 8 Original Moratorium Mar 20: to Sep 20 4 th Extension First “Final Time” Aug 21: to

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Five_Year_Outlook_Presentation_2022.pdf

School of Business, and Georgetown University. From 2006 to 2009, Dr. Swagel was Assistant Secretary for Economic Policy at the Treasury Department, where he was responsible for analysis of a wide range of economic issues, including policies relating to the financial 77 -5.1 0.65 -4.0 All Other Tax 3.76 3.86 2.8 4.27 2.6 Treasury 0.37 0.41 9.7 0.06 -38.1 All Other Nontax 0.74 0.75 0.9 0

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CNIT-Rate-Cut-2018-04.pdf

incidence figures refer to the assumed long‐run incidence of the federal CNIT:  The U.S. Department of the Treasury assumes that 82 percent of the tax is borne by capital owners and 18 percent is borne by labor. 4 rules. All of those tax attributes could affect an incidence computation. 4 “Distributing the Corporate Income Tax: Revised U.S. Treasury Methodology,” U.S. Department of the Treasury, Office of Tax Analysis Working Paper Number 5 (May 2012). 5 “The Distribution

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2002_drop_report.pdf

assumed interest rate for the pension plan, a rate based upon an independent index, such as bonds or U.S. Treasury Bills, or no interest may be credited at all. Final distribution of the account balance also varies. - 2 - Most Common 4) The interest on IROP accounts is compounded and credited monthly, at the discount rate applicable to 6-month US Treasury Bills, on the last business day of December in the year preceding the year in which the interest is credited

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About IFO

please visit our RTK page . Staff Matthew Knittel Director Formerly employed as a financial economist by the US Department of Treasury and an economist by the Michigan Department of Treasury. Mr. Knittel holds a M.A. and Ph.D. in Economics from Michigan State University and a bachelor's degree

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TC_2023_Rural_Jobs_Investment.pdf

by providing investors with federal tax incentives. The Community Development Financial Institutions Fund (CDFI Fund), part of the U.S. Treasury, oversees the program and awards NMTC alloca- tions to approved Community Development Entities (CDEs). CDEs offer tax credits to investors of providing capital to under- served areas. The Community Development Financial Institutions (CDFI) Fund within the U.S. Department of Treasury administers the program, awards the NMTC allocation to CDEs and tracks compliance. The NMTC was initially authorized from 2001 through

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TC_2022_Coal_Refuse_Energy_Reclamation.pdf

millions. Table 4.1 State Comparison of AML Grant Allocations (Federal Fiscal Year 2021) 1 Includes funds from U.S. Treasury to certified states and Minimum Program Make-Up grants. Source: U.S. Department of the Interior. 2 Certified state that receives a special allocation from the U.S. Treasury's General Fund. State Share Distribution Historic Coal Fund Total AML Funding 1 Federal and State Programs | Page 17 Alternative

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TC_2021_Keystone_Special_Development_Zones_Update.pdf

Midwest Institute (July 2008). “The Federal Brownfields Tax Incentive, Case Studies and Analysis of Impacts,” Redevelopment Economics (September 2015). “Hidden Treasures Rural Roots Missouri Brownfields Voluntary Cleanup Program,” Missouri Department of Natural Resources (May 2011). “Hidden Treasures: Value in Brownfields,” Gilstrap, Jim, Federal Reserve Bank of St. Louis (Spring 2007). “Keystone Special Development Zone Program Guidelines,” Pennsylvania

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TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

the incentive effect) and the fact 10 For example, see “Research and Experimentation Credit,” U.S. Department of Treasury, Office of Tax Analysis (Oc- tober 2016); Bloom et al.”Identifying Technology Spillovers and Product Market Rivalry,” Econometrica, Vol. 81, Issue 4 Revenue, Tax Research and Program Analysis Section (December 2016). “Research and Experimentation Credit,” U.S. Department of the Treasury, Office of Tax Analysis (October 2016). Appendix | Page 24 “The Return from Investment in Broadband Infrastructure and Utilization Initiatives,” Strategic Networks Group

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Roundtable_Jan_24_2023.pdf

77 -5.1 0.65 -4.0 All Other Tax 3.76 3.86 2.8 4.27 2.6 Treasury 0.37 0.41 9.7 0.06 -38.1 All Other Nontax 0.74 0.75 0.9 0 28. Growth rates adjusted for one-time transfers and due date shifts. CNIT rate falls to 6.49% in 2028 Treasury revenues inflated due to high cash balances and much higher rates PIT Withholding grows at same rate as PA economy

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Revenue_Estimate_Performance_2023_08.pdf

General Fund revenues. Several revenue sources considerably outperformed the official estimate, with CNIT ($1,251 million), SUT ($829 million) and treasury collections ($436 million) driving the underprediction. The forecast error was primarily due to (1) higher than projected non-financial corporate moratorium on federal student loan repayments (SUT) and (3) historically high general fund balances combined with rapidly rising interest rates (treasury). The January estimate incorporated an upward revision of $1,526 million, but actual revenues continued to outperform those projections by

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Revenue-Update-2020-04.pdf

be forgiven if used for eligible expenses such as rent, mortgage, utilities and certain employee compensation. Currently, the U.S. Treasury Department has requested that Congress increase the program by $250 billion.  State government support reflects funds used to support government operations and programs. Of the allocated amounts, $2.7 billion represents general state aid administered by the U.S. Treasury Department, and the remaining $1.8 billion represents support for education, public health initiatives, food and nutrition access, small urbanized

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QRR_2015Q2.pdf

totaled $2,612 million and were $58 million higher than expected. This overage was primarily the result of Treasury collections which exceeded estimate by $60 million in February 2015. (Treasury collections are reported under Other Motor Receipts.) The unusual deposit was related to capital gains resulting from the liquidation of certain long-

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QRE_FY15-16.xlsx

1,455.8 Licenses, Fees and Misc. Licenses and Fees 18.2 35.3 34.0 78.7 166.2 Treasury 2.9 1.5 2.2 2.0 8.6 Escheats -16.1 -10.2 -9.3 192.7 157 4 9.5 11.2 44.2 Other Motor Receipts 6.5 6.1 29.2 5.6 47.4 Treasury 4.6 4.1 27.6 3.7 40.0 Transportation 1.5 1.8 1.4 1.6 6

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QRE_FY15-16.pdf

1,455.8 Licenses, Fees and Misc. Licenses and Fees 18.2 35.3 34.0 78.7 166.2 Treasury 2.9 1.5 2.2 2.0 8.6 Escheats -16.1 -10.2 -9.3 192.7 157 4 9.5 11.2 44.2 Other Motor Receipts 6.5 6.1 29.2 5.6 47.4 Treasury 4.6 4.1 27.6 3.7 40.0 Transportation 1.5 1.8 1.4 1.6 6

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Public_Data-Motor_License_Fund.xlsx

Operators Licenses Real ID Vehicle Reg. & Titling Misc. Collections | Gross Receipts Aeronautics Fines Vehicle Code Fines Fines, Penalties & Interest Misc.-Treasury Other Misc. Misc.-Trans-portation Misc.-General Services Misc.-Revenue Veh. Code Fines Clearing PA Turnpike Commission Justice Collections 1997- Operators Licenses Real ID Vehicle Reg. & Titling Misc. Collections | Gross Receipts Aeronautics Fines Vehicle Code Fines Fines, Penalties & Interest Misc.-Treasury Other Misc. Misc.-Trans-portation Misc.-General Services Misc.-Revenue Veh. Code Fines Clearing PA Turnpike Commission Justice Collections 1997

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Presentation_PICPA_9-24-2013.pdf

interest rates? 24 . Sept . 2013 7 Federal Reserve Balance Sheet billions of dollars Sept Sept Sept 2007 2010 2013 US Treasury Securities $780 $809 $2,048 Federal Agency Debt $0 $154 $64 Mortgage Backed Securities $0 $1,086 $1,337 All 385 11,836 12,314 12,796 Corrections 1,867 1,901 1,941 1,983 2,036 2,104 Treasury 1,145 1,245 1,302 1,354 1,382 1,440 PHEAA 386 393 403 410 417 425 DCED

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

Wages (withholding) Non-motor sales tax Concern: Federal Deficits and Interest Rates 2015 2016 2017 2018 2019 2020 10-Year Treasury Note 2.1% 1.8% 2.3% 3.0% 3.7% 4.1% 3-Month Treasury Bill 0.1 0.3 0.9 1.9 2.9 3.6 Federal Funds Rate 0.1 0.4

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NCSL_PA_IFO_11_15_21.pdf

31, 2024, and spent by Dec. 31, 2026. ○ More flexible than CARES Act Coronavirus Relief Fund ○ NCSL working directly with Treasury to clarify guidance questions. ○ *Waiting on the Final Rule NATIONAL CONFERENCE OF STATE LEGISLATURES State and Local Aid 6 ○Allowable STATE LEGISLATURES 9 NATIONAL CONFERENCE OF STATE LEGISLATURES 10 Source: The Pew Charitable Trusts, 2021, using U.S. Department of Treasury and National Association of State Budget Officer’s data. NATIONAL CONFERENCE OF STATE LEGISLATURES State CSFRF Allocations 11 AK Legislative

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MTR-2019-08.pdf

0 percent). August non-tax collections were $7.9 million (78.1 percent) above estimate. The overage was driven by Treasury ($3.7 million) and escheats ($4.5 million) collections. FYTD non-tax collections are $5.5 million (-9.6 percent 6 15.3 -24.7 73.5 Miscellaneous 4.7 (7.9) 10.4 7.3 159.9 42.6 Treasury 5.7 6.0 11.5 43.1 -5.5 -73.4 Escheats (6.2) (22.4) (10.6) (50

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MTR-2019-07.pdf

1 percent) from the prior year. Escheats collections were $23.3 million (84.1 percent) above the prior year, while Treasury revenues declined by $31.3 million (84.3 percent), due to a one-time payment of $30.4 million received 7 7.5 176.4 176.4 Miscellaneous 5.7 15.2 5.7 15.2 -62.5 -62.5 Treasury 5.8 37.2 5.8 37.2 -84.3 -84.3 Escheats (4.4) (27.7) (4.4) (27

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MTR-2019-06.pdf

exceeded estimate by $85.1 million (11.9 percent) due to higher than expected licenses and fees (gaming expansion) and treasury collections. G – š‰” F –Œ S–‰˜› —œ General Fund Tax Revenue Non-Tax Revenue Jun-19 $3,079 $3,080 323.0 -47.2 1.2 Miscellaneous (7.5) 73.5 216.7 1,980.1 -110.2 -89.1 Treasury 7.4 12.6 72.5 31.3 -41.4 131.2 Escheats (14.8) (4.3) 81.6 70

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MTR-2019-04.pdf

are $94.3 million above estimate due primarily to greater than anticipated licenses and fees payments ($100.8 million) and treasury collections ($14.0 million). G – š‰” F –Œ S–‰˜› —œ General Fund Tax Revenue Non-Tax Revenue Apr-19 $4 295.2 77.0 6.3 Miscellaneous 184.6 165.1 197.2 1,901.7 11.8 -89.6 Treasury 0.7 2.3 61.1 14.7 -70.4 315.8 Escheats 182.3 152.0 77.8 71

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MTR-2019-01.pdf

million). FYTD non-tax collections are $49.2 million above estimate due to greater than anticipated licenses and fees and treasury collections. From July to January, the Commonwealth has received $148 million in one-time fees related to gaming expansion, $64 1 203.9 -76.7 9.9 Miscellaneous (10.4) 190.9 (1.2) 187.4 -105.4 -100.6 Treasury 1.4 0.7 54.6 12.0 93.8 353.9 Escheats (26.8) (16.6) (107.9) (67

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MTR-2018-12.pdf

million. FYTD non-tax collections are $42.4 million above estimate due to greater than anticipated licenses and fees and treasury collections. From July to December, the Commonwealth has received $137 million in one-time fees related to online gaming and 8 108.3 191.9 86.4 Miscellaneous 7.4 (9.8) 9.2 (3.6) 175.7 357.1 Treasury 1.8 2.1 53.2 11.3 -14.7 370.6 Escheats 1.3 (24.6) (81.0) (51

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MTR-2018-09.pdf

Revenue Collection Account and Housing Affordability and Rehabilitation Enhancement Fund and (2) issues related to fluctuating payment due dates.  Treasury collections (next page) for the fiscal year include $30.4 million for a settlement under the Air Pollution Control Act 4 19.1 193.7 69.5 Miscellaneous 10.7 (16.2) 18.0 19.5 166.1 -7.6 Treasury 4.3 1.9 47.4 6.9 128.5 586.1 Escheats (1.7) (22.3) (51.8) (2

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MTR-2018-07.pdf

than expected claims. Other miscellaneous collections were $3 million below estimate. Gains in fines, penalties and interest ($1 million) and treasury collections ($1 million) partially offset the weak escheats and other miscellaneous collections. July and August are smaller revenue collections months 5 7.1 5.0 5.0 Miscellaneous 15.2 7.3 15.2 7.3 108.4 108.4 Treasury 37.2 1.4 37.2 1.4 n.a. n.a. Escheats (27.7) 1.0 (27.7) 1

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MRU_2023_12.pdf

21.5 million (-15.4%) below estimate. ▪ License and fees collections were below estimate by $22.0 million (-71.2%). ▪ Treasury collections of $53.3 million continued to benefit from a historically high General Fund balance and elevated interest rates, coming 9 76.9 -76.3 -28.6 Miscellaneous 41.0 12.9 361.5 134.0 217.0 169.8 Treasury 53.3 34.5 374.6 161.3 54.5 132.2 Escheats (12.7) (21.6) (47.0) (71

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MRU_2023_11.pdf

Other tax and non -tax revenues for the month were $497.2 million, $16.9 million (+3.5%) over estimate. § Treasury collections of $60.5 million remained strong at $27.6 million (+83.8%) more than anticipated. § Escheats collections outperformed estimate 0 39.4 -32.1 16.7 Miscellaneous 60.4 20.4 320.5 121.1 196.4 164.8 Treasury 60.5 30.0 321.3 126.8 101.6 153.3 Escheats (2.3) (16.9) (34.3) (49

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MRU_2023_10.pdf

50.6 million (+42.0%) higher than projected. This was primarily due to a single large deposit day mid-month. ▪ Treasury collections of $59.6 million outperformed expectations by $23.7 million (+66.0%). ▪ Escheats collections fell short of estimate by 0 30.5 46.9 30.9 Miscellaneous 49.0 34.0 260.1 100.7 44.0 158.4 Treasury 59.6 29.2 260.9 96.9 104.3 169.3 Escheats (12.4) 1.4 (32.0) (32

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MRU_2023_09.pdf

year. ▪ Inheritance tax collections of $110.2 million were weaker than anticipated, falling $24.5 million (-18.2%) below estimate. ▪ Treasury collections of $68.0 million for the month outperformed expectations by $21.6 million (+46.7%). Monthly Revenue Update September 8 25.0 54.0 27.3 Miscellaneous 64.2 22.0 211.1 66.6 192.4 216.8 Treasury 68.0 29.3 201.3 67.7 132.0 197.3 Escheats (8.4) (13.4) (19.6) (34

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MRU_2023_08.pdf

76.9 million came in much lower than expected (-$8.8 million, -10.2%). ▪ Inheritance tax (+$17.3 million) and treasury (+$16.9 million) collections outperformed expectations. Monthly Revenue Update August 2023 FY 2023-24 Revenue Performance Through August August Collections 8 20.4 54.4 21.4 Miscellaneous 64.6 18.5 146.9 44.7 248.9 228.8 Treasury 71.8 23.3 133.2 38.4 208.9 247.3 Escheats (9.5) (11.8) (11.2) (20

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MRU_2023_07.pdf

tax revenues were $98.7 million, a gain of $56.2 million (132.1%) largely due to an increase in treasury collections (+$46.3 million), as the general fund balance and interest rates remain at historically high levels. Monthly Revenue Update 3 11.0 -6.8 -6.8 Miscellaneous 82.3 26.2 82.3 26.2 214.6 214.6 Treasury 61.4 15.1 61.4 15.1 306.4 306.4 Escheats (1.6) (8.9) (1.6) (8

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MRU_2023_05.pdf

tax collections were $82.4 million, which exceeded projections by $47.2 million (133.8%), due to an overage in treasury (+$55.2 million) but partially offset by escheats (-$12.1 million) collections. FYTD non-tax revenues are $1.07 billion 162.0 152.7 -6.8 Miscellaneous 64.8 19.0 667.5 4,193.4 240.5 -84.1 Treasury 56.7 3.3 385.2 14.3 n.a. n.a. Escheats 7.4 12.6 213.2 267

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MRU_2022_04.pdf

than anticipated escheats collections (-$17.3 million, -7.8%). Overages in licenses and fees (+$5.5 million, 64.6%) and treasury (+$0.9 million, 174.6%) collections partially offset this shortfall. FYTD non-tax revenues exceed projections by $93.3 million 154.1 n.a. 2.4 Miscellaneous 210.4 220.8 4,174.4 696.9 -4.7 499.0 Treasury 1.4 0.2 11.1 7.7 513.8 43.6 Escheats 205.1 218.1 255.3 218

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MRU_2022_02.pdf

revenues for February totaled $18.9 million and were $3.4 million over estimate. Overages in escheats ($1.4 million), Treasury (+$1.3 million) and the other miscellaneous category (+$1.2 million) were partially offset by a shortfall in fines, penalties 107.9 5.6 -4.3 Miscellaneous 6.4 3.6 3,902.1 451.6 76.6 764.0 Treasury 1.9 1.4 9.1 7.1 28.6 27.8 Escheats (0.9) 0.1 (8.2) (23

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MRU-2022-07.pdf

were $42.5 million, a $14.1 million (49.7%) increase from the prior year due to an increase in treasury collections (+$14.6 million). Monthly Revenue Update July 2022 FY 2022-23 Revenue Performance Through July July Collections Fiscal Year 0 10.2 8.4 8.4 Miscellaneous 26.2 12.3 26.2 12.3 113.0 113.0 Treasury 15.1 0.5 15.1 0.5 n.a. n.a. Escheats (8.9) (8.0) (8.9) (8

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MRU-2022-05.pdf

expected licenses and fees (-$20.9 million, -83.0%) and escheats (-$12.5 million, -50.0%) collections. An overage in treasury collections (+$2.6 million, 364.4%) partially offset this shortfall. FYTD non- tax revenues are above estimate by $62.8 180.7 -83.9 -10.3 Miscellaneous 19.0 23.3 4,193.4 720.2 -18.3 482.3 Treasury 3.3 1.3 14.3 9.0 154.2 59.3 Escheats 12.6 15.7 267.9 233

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MRU-2021-12.pdf

tax revenues. December non-tax revenues of $39.0 million exceeded projections by $5.2 million (15.5%). Escheats and treasury collections were above expectations (+$2.2 million and +$1.3 million, respectively) and were offset in part by a small 95.9 -22.1 -19.4 Miscellaneous 6.3 335.6 3,897.5 431.3 -98.1 803.7 Treasury 1.6 0.2 6.7 5.4 607.1 24.0 Escheats (0.9) (3.8) (0.6) (19

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MQRE_FY21_22_August.pdf

0 185 Licenses and Fees 12 10 7 5 6 26 8 8 48 9 25 6 169 Treasury 2 2 1 1 1 0 0 1 1 1 1 2 12 Escheats -6 -6 -11 -1 -4 -3 -5 -2 4 2.3 3.6 Other Motor Receipts 4.0 -0.4 3.7 2.9 10.2 Treasury 2.0 1.5 1.4 1.1 6.0 Transportation 0.4 0.4 0.4 0.3 1.5 General

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MQRE-FY20-21-Aug.pdf

43 185 Licenses and Fees 7 16 14 20 7 24 8 6 28 19 -2 4 152 Treasury 6 4 3 2 3 1 1 1 2 1 1 4 27 Escheats -4 -7 -11 -10 -5 -13 -6 -10 6 1.8 3.6 Other Motor Receipts 5.6 2.5 8.5 8.0 24.6 Treasury 6.7 5.0 3.6 4.1 19.4 Transportation 0.5 0.4 0.4 1.2 2.5 General

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MQRE-FY19-20-Aug.pdf

0 185 Licenses and Fees 33 7 14 6 6 27 10 13 45 21 1 8 189 Treasury 10 2 2 2 3 2 2 2 7 3 3 6 43 Escheats -7 -11 -18 -18 -13 -14 -16 -13 4 2.2 -53.7 Other Motor Receipts 3.3 1.0 9.8 9.1 23.2 Treasury 4.7 4.0 3.5 4.0 16.2 Transportation 0.7 0.5 0.6 1.5 3.3 General

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MER-2015-06.pdf

Consumer Price Index (CPI - U) Year-over-year change in average price level. Includes outlays for energy. 9 10-Year Treasury Yield on 10-year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor - Survey of Households. 2/ U.S. Department of Labor - Survey of

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MER-2015-04.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2015-03.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2015-02.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2015-01.pdf

Consumer Price Index (CPI - U) Year-over-year change in average price level. Includes outlays for energy. 9 10-Year Treasury Yield on 10-year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor - Survey of Households. 2/ U.S. Department of Labor - Survey of

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MER-2014-12.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-11.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-10.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-08.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-07.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-06.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-05.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-04.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-03.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-02.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2014-01.pdf

Consumer Price Index (CPI ‐ U) Year‐over‐year change in average price level. Includes outlays for energy. 9 10‐Year Treasury Yield on 10‐year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor ‐ Survey of Households. 2/ U.S. Department of Labor ‐ Survey of

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MER-2013-12.pdf

Consumer Price Index (CPI - U) Year-over-year change in average price level. Includes outlays for energy. 9 10-Year Treasury Yield on 10-year U.S. Treasury note. 8 Sources: 1/ U.S. Department of Labor - Survey of Households. 2/ U.S. Department of Labor - Survey of

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Like-Kind_Exchange_Analysis.pdf

Most exchanges, especially exchanges of real estate, are facilitated by a third party or qualified intermediary. 7 The U.S. Treasury Department used the following example. 8 In a typical three-party exchange, Firm A would like to exchange a rental Trends in Like-Kind Exchanges," Gerald Auten, David Joulfaian and Romeo Mookerje , Office of Tax Analysis, U.S. Department of Treasury ( 2014 ) . 7 For example , see the Federation of Exchange Accommodators at htt p s://www. I 03 l .or2/. 8

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Initial_Revenue_Update_May_2023_Final.pdf

824 -10.2 unexpected weakness Realty Transfer 581 -24.6 consistent weakness All Other 4,301 -40.6 11.1 Treasury earnings Note: Dollars in millions. PIT is personal income tax. Adjusted growth rate controls for one-time/new transfers (e term trend decline Realty Transfer 641 2 0.3 weak sales/+$20m PHARE All Other 4,153 138 3.4 Treasury still elevated Note: Dollars in millions. PIT is personal income tax. Corporate Net Income Revenues and Profits May 24, 2023

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Initial_Revenue_Estimate_Presentation_May_2023_Final.pdf

824 -10.2 unexpected weakness Realty Transfer 581 -24.6 consistent weakness All Other 4,301 -40.6 11.1 Treasury earnings Note: Dollars in millions. PIT is personal income tax. Adjusted growth rate controls for one-time/new transfers (e term trend decline Realty Transfer 641 2 0.3 weak sales/+$20m PHARE All Other 4,153 138 3.4 Treasury still elevated Note: Dollars in millions. PIT is personal income tax. Corporate Net Income Revenues and Profits May 24, 2023

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Economic_and_Revenue_Update_2020_10.pdf

additional gaming licenses that have been approved or will be approved in the current fiscal year.  The Treasury estimate is reduced by $15 million to reflect lower General Fund cash balances.  The FY 2020-21 estimate for minor and Transfers 185 0.0 185 0.0 0 Licenses and Fees 152 14.0 172 29.0 20 Treasury 27 -10.0 12 -60.8 -15 Escheats 205 -5.8 205 -5.8 0 Other Miscellaneous 29 -9.3 39 22

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Budget_Hearing_Background_Feb2016.pdf

5% 80 100 20 25.0% Licenses and Fees 61 63 1 2.0% 110 107 ‐3 ‐2.9% Escheats, Treasury, Fines 337 98 ‐239 ‐71.0% 910 362 ‐549 ‐60.3% Note: Millions of dollars. Full‐year amount for current 100 ‐20 ‐20.0% 0.0% Licenses and Fees 107 106 1 109 131 ‐22 2.1% 23.3% Escheats, Treasury, Fines 362 334 27 249 254 ‐5 ‐31.0% ‐23.9% Note: Millions of dollars. DOR estimates exclude all policy

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index.cfm

in General Fund revenues for September, a decrease of $161.3 million (-3.8%) compared to September 2022. ... (Full Report) Treasury Windfalls Boost Revenues Economics and Other September 25, 2023 Treasury collections are up dramatically from prior years. This research brief examines the cause of the windfalls and explains why they

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TC_2023_Waterfront_Development.pdf

divisions/dhcr/offices/nrtc.html. 13 “The State of New Jersey Tax Expenditure Report” (2022): https://www.state.nj.us/treasury/taxation/pdf/taxex- penditurereport2022.pdf. State Comparison | Page 12 - This page intentionally left blank. - Economic Impact | Page 13 Economic Impact

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Revenue_Estimate_2021_05_Presentation.pdf

Billions of dollars. PPP includes both pass-through entities and C corporations. Source: U.S. Department of Labor, U.S. Treasury Department, Small Business Administration. Calculations by the IFO. Impact of Business Closures One Year Later May 26, 2021 7 YOY

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REU-2020-02.pdf

7 246.4 -88.5 -64.8 Miscellaneous (4.3) 1.7 41.0 0.5 -344.8 n.a. Treasury 0.6 1.8 22.8 56.4 -66.5 -59.6 Escheats (6.3) (6.0) (4.2) (113

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REU-2020-01.pdf

1 224.1 -35.9 -62.5 Miscellaneous (2.2) (10.4) 45.3 (1.2) 78.3 n.a. Treasury 0.9 1.4 22.2 54.6 -36.0 -59.4 Escheats (4.6) (26.8) 2.0 (107

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REU-2019-12.pdf

8 201.8 -66.3 -65.4 Miscellaneous (9.1) 7.4 47.5 9.2 -222.6 418.5 Treasury 0.4 1.8 21.3 53.2 -75.1 -60.0 Escheats (11.7) 1.3 6.7 (81

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REU-2019-11.pdf

1 122.6 -92.7 -64.8 Miscellaneous 2.4 (2.6) 56.6 1.8 192.5 n.a. Treasury 3.1 2.1 20.8 51.4 47.4 -59.5 Escheats (4.2) (5.7) 18.4 (82

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REU-2019-10.pdf

2 68.5 -61.9 -42.8 Miscellaneous 7.7 (13.7) 54.2 4.3 156.4 n.a. Treasury 2.1 1.9 17.7 49.3 11.0 -64.1 Escheats 3.7 (24.9) 22.6 (76

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RB_2023_08_Wage_Contract.pdf

e.g., State Police) covered under specific CBAs not reviewed by the IFO and other state government entities (e.g., Treasury, Judiciary, Legislature, PA State System of Higher Education) are excluded from the analysis. 3 Average salary for a full-time

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QRR_2017Q3.pdf

8 19.1 19.9 -0.8 Miscellaneous 19.5 1.9 17.6 19.5 1.9 17.6 Treasury 6.9 4.8 2.1 6.9 4.8 2.1 Escheats -2.6 -12.8 10.2 -2

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QRR_2017Q2.pdf

7 119.1 131.8 -12.7 Miscellaneous 475.1 447.2 27.9 501.9 467.4 34.5 Treasury 5.3 2.7 2.6 20.1 13.5 6.6 Escheats 251.2 204.6 46.6 191

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QRR_2017Q1.pdf

7 102.6 102.6 0.0 Miscellaneous -19.7 7.2 -26.9 26.8 20.2 6.6 Treasury 5.1 2.7 2.4 14.8 10.8 4.0 Escheats -32.1 -12.1 -20.0 -59

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QRR_2016Q4.pdf

0 54.4 59.1 -4.7 Miscellaneous 30.2 -13.9 44.1 46.5 13.0 33.5 Treasury 3.2 2.4 0.8 9.7 8.1 1.6 Escheats -1.3 -29.4 28.1 -27

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QRR_2016Q3.pdf

7 18.5 19.2 -0.7 Miscellaneous 16.3 26.9 -10.6 16.3 26.9 -10.6 Treasury 6.5 5.7 0.8 6.5 5.7 0.8 Escheats -25.9 -35.1 9.2 -25

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Presentation-2018-10-Performance-Based-Budget-Board.pdf

12 19:36:01 Creator: Microsoft® PowerPoint® 2016 ModDate: 2018-10-16 14:11:54 Producer: Microsoft® PowerPoint® 2016 Title: Treasury Presentation

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PBB_2023_EO_REPORT.pdf

the Gaming Economic Development and Tourism Fund and the Environmental Stewardship Fund. Debt service costs are paid by the Pennsylvania Treasury and not the Executive Offices. ▪ True Interest Cost (TIC) is one of several metrics used to display the cost to

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PBB_2020_DCED_REPORT.pdf

Technology Development Authority (BFTDA) and the Pennsylvania Minority Business Development Authority (PMBDA)) have funds held within the state Treasury that pay administrative costs, and their spending appears in DCED tabulations because it flows through programs administered by DCED. In FY 2018-

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PA_Chamber_June_17_2021.pdf

Billions of dollars. PPP includes both pass-through entities and C corporations. Source: U.S. Department of Labor, U.S. Treasury Department, Small Business Administration. Growth of PA Cash Income Peaks in 2020 Despite COVID June 17, 2021 4 -4.0%

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MTR-2019-09.pdf

5 32.4 -106.6 -21.5 Miscellaneous 36.0 10.7 46.5 18.0 235.7 157.5 Treasury 4.1 4.3 15.6 47.4 -3.2 -67.1 Escheats 29.5 (1.7) 18.9 (51

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MTR-2018-1.pdf

9 62.4 n.a. 227.1 Miscellaneous 190.9 (13.5) 187.4 33.0 n.a. 467.4 Treasury 0.7 0.9 12.0 10.6 -23.5 13.5 Escheats (16.6) (18.7) (67.7) (46

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MTR-2018-06.pdf

119.1 440.2 171.1 Miscellaneous 73.5 13.6 1,980.1 501.9 439.1 294.6 Treasury 12.6 2.7 31.3 20.1 359.4 55.6 Escheats (4.3) 11.6 70.7 191

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MTR-2018-05.pdf

114.0 118.7 159.1 Miscellaneous 4.9 291.3 1,906.6 488.2 -98.3 290.5 Treasury 4.1 1.3 18.8 17.4 214.8 7.9 Escheats 3.7 102.9 75.0 180

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MTR-2018-04.pdf

115.3 113.1 156.1 Miscellaneous 165.1 170.2 1,901.7 196.9 -2.9 865.7 Treasury 2.3 1.3 14.7 16.1 74.8 -8.8 Escheats 152.0 136.7 71.3 77

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MTR-2018-03.pdf

102.6 -41.5 161.4 Miscellaneous 8.3 6.3 1,736.6 26.8 31.1 n.a. Treasury 0.8 3.4 12.4 14.8 -75.9 -16.2 Escheats 1.9 0.0 (80.7) (59

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MTR-2018-02.pdf

1 565.2 259.9 Miscellaneous 1,540.9 (12.6) 1,728.3 20.4 n.a. n.a. Treasury (0.5) 0.8 11.6 11.4 -157.5 1.6 Escheats (14.8) (13.5) (82.5) (59

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MTR-2017-12.pdf

3 54.4 18.6 99.1 Miscellaneous (9.8) 7.1 (3.6) 46.5 -238.0 -107.7 Treasury 2.1 0.9 11.3 9.7 126.4 17.2 Escheats (24.6) (12.8) (51.1) (27

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MTR-2017-11.pdf

1 31.5 790.6 157.7 Miscellaneous (17.2) 32.3 6.2 39.4 -153.1 -84.3 Treasury 0.7 1.5 9.2 8.7 -50.4 5.6 Escheats (20.6) 28.4 (26.5) (14

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MTR-2017-10.pdf

7 5 24 25 25 -27.2 -4.5 Miscellaneous 4 (9) 11 23 7 48 141.6 226.3 Treasury 2 1 12 8 7 13 99.7 17.1 Escheats (3) (17) (5) (6) (43) 7 80.6 86

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MTR-2017-09.pdf

6 7 19 18 20 5.2 3.6 Miscellaneous (16) (12) 9 20 16 37 -35.5 19.4 Treasury 2 1 0 7 6 1 130.1 7.0 Escheats (22) (15) 3 (3) (26) 11 -43.9 90

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MTR-2017-08.pdf

6 6 13 13 13 (1.3) 2.9 Miscellaneous 28 5 6 36 28 29 429.9 26.2 Treasury 4 1 0 5 6 1 275.6 (10.6) Escheats 19 0 (2) 20 (10) 8 n.a. 287

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MTR-2017-07.pdf

7 7 7 7 7 6.9 6.9 Miscellaneous 7 23 23 7 23 23 (68.2) (68.2) Treasury 1 5 0 1 5 0 (69.4) (69.4) Escheats 1 (11) 10 1 (11) 10 109.3 109

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MTR-2017-06.pdf

4 2.1 Miscellaneous 13.6 9.8 0.5 501.9 355.1 841.9 39.0 41.3 Treasury 2.7 1.4 0.6 20.1 13.5 8.4 91.1 48.7 Escheats 11.6 5

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MTR-2017-05.pdf

a. 2.4 Miscellaneous 291.3 30.7 91.6 488.2 345.3 841.4 848.5 41.4 Treasury 1.3 1.2 0.6 17.4 12.1 7.8 9.2 43.7 Escheats 102.9 22

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MTR-2017-04.pdf

4 4.0 Miscellaneous 170.2 214.8 414.3 196.9 314.6 747.8 -20.8 -37.4 Treasury 1.3 1.1 0.3 16.1 10.9 7.2 15.2 47.5 Escheats 136.7 193

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MTR-2017-03.pdf

0 3.5 Miscellaneous 6.3 27.2 35.7 26.8 99.8 333.5 -76.7 -73.2 Treasury 3.4 -2.0 0.2 14.8 9.8 7.0 271.0 51.2 Escheats 0.0 18

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MTR-2017-02.pdf

4 5.8 Miscellaneous -12.6 24.6 10.2 20.4 72.6 297.9 -151.0 -71.8 Treasury 0.8 1.8 0.3 11.4 11.8 6.7 -55.0 -3.3 Escheats -13.5 17

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MTR-2017-01.pdf

5 -0.2 Miscellaneous -13.5 3.3 5.5 33.0 48.0 287.7 -504.1 -31.1 Treasury 0.9 6.9 0.2 10.6 10.0 6.4 -86.4 5.7 Escheats -18.7 -12

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MTR-2016-12.pdf

5 -1.6 Miscellaneous 7.1 -2.9 32.6 46.5 44.6 282.2 346.5 4.2 Treasury 0.9 0.0 0.8 9.7 3.1 6.2 n.a 213.6 Escheats -12.8 -7

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MTR-2016-11.pdf

5% 5.2% Miscellaneous 32.3 -0.9 -9.3 39.4 47.5 249.6 n.a.% -17.0% Treasury 1.5 -10.0 0.2 8.7 3.1 5.5 114.9% 179.4% Escheats 28.4 7

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MTR-2016-10.pdf

1 0.8 Miscellaneous -9.2 11.0 19.2 7.2 48.4 258.9 -183.5 -85.2 Treasury 0.8 11.9 0.2 7.2 13.1 5.2 -93.4 -44.8 Escheats -17.0 -4

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MTR-2016-09.pdf

0 -8.5 Miscellaneous -12.0 8.7 -1.4 16.3 37.4 239.8 -237.5 -56.3 Treasury 0.8 0.4 1.2 6.5 1.3 5.1 82.9 413.2 Escheats -15.5 2

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MTR-2016-08.pdf

3 -3.2 Miscellaneous 5.4 5.6 2.9 28.3 28.7 241.1 -4.1 -1.2 Treasury 1.0 0.4 0.3 5.6 0.8 3.9 141.4 592.6 Escheats 0.5 -1

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MTR-2016-06.pdf

6.0 Miscellaneous 9.8 0.5 34.6 355.1 839.9 249.0 1,719.1 -57.7 Treasury 1.4 0.6 0.4 13.5 8.4 7.6 129.9 60.7 Escheats 5.1 -0

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MTR-2016-05.pdf

0 5.5 Miscellaneous 30.7 91.6 31.3 345.3 839.4 214.4 -66.5 -58.9 Treasury 1.2 0.6 0.3 12.1 7.8 7.2 107.5 55.2 Escheats 22.2 87

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MTR-2016-04.pdf

3 3.4 Miscellaneous 214.8 414.3 109.4 314.6 747.8 183.1 -48.2 -57.9 Treasury 1.1 0.3 0.2 10.9 7.2 6.9 308.0 51.1 Escheats 193.1 407

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MTR-2016-03.pdf

7 19.9 Miscellaneous 27.2 35.7 23.8 99.8 333.5 73.7 -23.8 -70.1 Treasury -2.0 0.2 1.1 9.8 7.0 6.7 -907.9 40.7 Escheats 18.5 31

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MTR-2016-02.pdf

0 0.0 Miscellaneous 24.6 10.2 31.7 72.6 297.9 49.9 142.4 -75.6 Treasury 1.8 0.3 1.2 11.8 6.7 5.5 527.4 75.6 Escheats 17.7 3

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MTR-2016-01.pdf

0 1.8 Miscellaneous 3.3 5.5 8.6 48.0 287.7 18.2 -39.5 -83.3 Treasury 6.9 0.2 -0.3 10.0 6.4 4.3 3,499.4 55.9 Escheats -12.2

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MTR-2015-11.pdf

1 9.4 Miscellaneous -0.9 -9.3 -2.5 47.5 249.6 8.1 -90.5 -81.0 Treasury -10.0 0.2 -9.4 3.1 5.5 4.6 -4581.1 -42.8 Escheats 7.4 -17

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MTR-2015-10.pdf

2 9.7 Miscellaneous 11.0 19.2 -0.8 48.4 258.9 10.6 -42.6 -81.3 Treasury 11.9 0.2 0.4 13.1 5.2 14.0 n.a. 150.4 Escheats -4.5 13

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MTR-2015-09.pdf

3 17.3 Miscellaneous 8.7 -1.4 10.0 37.4 239.8 11.4 -736.8 -84.4 Treasury 0.4 1.2 10.6 1.3 5.1 13.6 -62.0 -75.2 Escheats 2.9 -7

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MTR-2015-08.pdf

0 10.2 Miscellaneous 5.6 2.9 -1.0 28.7 241.1 1.4 93.6 -88.1 Treasury 0.4 0.3 1.5 0.8 3.9 3.0 43.0 -79.1 Escheats -1.8 2

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MTR-2015-07.pdf

5 9.5 Miscellaneous 23.1 238.3 2.4 23.1 238.3 2.4 -90.3 -90.3 Treasury 0.4 3.6 1.5 0.4 3.6 1.5 -88.5 -88.5 Escheats 10.0 -5

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MRU_2022_03.pdf

153.5 -11.2 -6.3 Miscellaneous 61.9 24.5 3,964.0 476.1 152.8 732.6 Treasury 0.6 0.4 9.7 7.5 61.2 29.5 Escheats 58.4 23.9 50.3 0

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MRU_2021_11.pdf

4 -16.1 -17.9 Miscellaneous 3,840.5 87.5 3,891.2 95.7 n.a. n.a. Treasury 0.8 0.2 5.1 5.2 245.0 -1.5 Escheats (5.8) (2.6) 0.3 (15

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MRU_2021_10.pdf

5 54.4 25.2 -18.1 Miscellaneous 25.0 20.8 50.7 8.2 19.9 515.6 Treasury 0.8 2.3 4.3 5.0 -66.4 -13.0 Escheats 16.5 11.5 6.1 (12

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MRU_2021_09.pdf

6 49.6 24.3 -22.3 Miscellaneous 11.6 (4.5) 25.7 (12.6) 358.6 304.0 Treasury 1.5 0.6 3.6 2.7 150.3 31.1 Escheats 2.7 (10.0) (10.3) (24

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MRU_2021_08.pdf

6 32.8 -57.3 -46.3 Miscellaneous 1.8 (2.6) 14.1 (8.1) 170.0 273.7 Treasury 1.6 1.0 2.1 2.1 50.1 -1.9 Escheats (5.1) (5.9) (13.1) (14

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MRU_2021_07.pdf

2 15.3 -33.6 -33.6 Miscellaneous 12.3 (5.5) 12.3 (5.5) 321.6 321.6 Treasury 0.5 1.1 0.5 1.1 -51.2 -51.2 Escheats (8.0) (8.4) (8.0) (8

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MRU_2021_05.pdf

7 130.8 156.1 38.1 Miscellaneous 23.3 35.5 720.2 238.4 -34.4 202.1 Treasury 1.3 1.0 9.0 25.5 24.5 -64.8 Escheats 15.7 31.6 233.9 183

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MRU_2021_04.pdf

1 120.4 -98.0 27.9 Miscellaneous 220.8 136.6 696.9 202.9 61.6 243.5 Treasury 0.2 1.1 7.7 24.5 -80.3 -68.5 Escheats 218.1 131.9 218.2 151

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MRU_2021_03.pdf

5 92.5 688.1 66.0 Miscellaneous 24.5 25.3 476.1 66.2 -3.1 618.8 Treasury 0.4 0.6 7.5 23.4 -32.9 -67.9 Escheats 23.9 24.0 0.0 19

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MRU_2021_02.pdf

9 86.7 182.9 24.5 Miscellaneous 3.6 (4.3) 451.6 41.0 184.2 n.a. Treasury 1.4 0.6 7.1 22.8 143.3 -68.8 Escheats 0.1 (6.3) (23.9) (4

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MRU_2021_01.pdf

7 84.1 -66.4 19.7 Miscellaneous 16.7 (2.2) 448.0 45.3 n.a. 889.8 Treasury 0.2 0.9 5.7 22.2 -76.4 -74.5 Escheats (4.8) (4.6) (24.1) 2

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MRU_2020_11.pdf

4 43.1 76.9 42.3 Miscellaneous 87.5 2.4 95.7 56.6 n.a. 69.2 Treasury 0.2 3.1 5.2 20.8 -92.5 -75.0 Escheats (2.6) (4.2) (15.5) 18

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MRU-2022-01.pdf

100.7 283.1 -5.0 Miscellaneous (1.7) 16.7 3,895.7 448.0 -110.3 769.5 Treasury 0.5 0.2 7.2 5.7 118.4 27.6 Escheats (6.7) (4.8) (7.3) (24

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MRU-2021-06.pdf

2 133.4 152.9 40.4 Miscellaneous 55.7 40.0 775.9 278.4 39.2 178.7 Treasury 0.4 4.1 9.4 29.6 -90.5 -68.3 Escheats 0.6 33.8 234.5 217

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MRU-2020-3.pdf

5 266.0 -70.6 -65.2 Miscellaneous 25.3 12.1 66.2 12.6 109.6 426.2 Treasury 0.6 4.0 23.4 60.4 -85.8 -61.4 Escheats 24.0 9.4 19.7 (104

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MRU-2020-12.pdf

9 69.8 29.4 37.3 Miscellaneous 335.6 (9.1) 431.3 47.5 n.a. 807.7 Treasury 0.2 0.4 5.4 21.3 -48.8 -74.4 Escheats (3.8) (11.7) (19.3) 6

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MRU-2020-10.pdf

4 39.2 -65.4 38.8 Miscellaneous 20.8 7.7 8.2 54.2 169.3 -84.8 Treasury 2.3 2.1 5.0 17.7 6.0 -71.9 Escheats 11.5 3.7 (12.9) 22

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MRU-2020-09.pdf

6 25.5 n.a. 95.0 Miscellaneous (4.5) 36.0 (12.6) 46.5 -112.5 -127.1 Treasury 0.6 4.1 2.7 15.6 -85.7 -82.5 Escheats (10.0) 29.5 (24.3) 18

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MRU-2020-08.pdf

8 26.6 195.4 23.3 Miscellaneous (2.6) 4.7 (8.1) 10.4 -154.2 -177.7 Treasury 1.0 5.7 2.1 11.5 -81.6 -81.4 Escheats (5.9) (6.2) (14.3) (10

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MRU-2020-07.pdf

3 20.7 -25.8 -25.8 Miscellaneous (5.5) 5.7 (5.5) 5.7 -197.3 -197.3 Treasury 1.1 5.8 1.1 5.8 -81.1 -81.1 Escheats (8.4) (4.4) (8.4) (4

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MRU-2020-06.pdf

4 326.8 -82.1 -59.2 Miscellaneous 40.0 (7.5) 278.4 216.7 631.2 28.5 Treasury 4.1 7.4 29.6 72.5 -44.9 -59.2 Escheats 33.8 (14.8) 217.1 81

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MRU-2020-05.pdf

8 312.3 731.7 -58.1 Miscellaneous 35.5 27.0 238.4 224.3 31.3 6.3 Treasury 1.0 4.0 25.5 65.1 -74.4 -60.8 Escheats 31.6 18.6 183.3 96

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MRU-2020-04.pdf

4 314.0 -41.6 -61.6 Miscellaneous 136.6 184.6 202.9 197.2 -26.0 2.9 Treasury 1.1 0.7 24.5 61.1 66.3 -59.9 Escheats 131.9 182.3 151.7 77

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MQRE_FY20_21_Revised_Feb.pdf

0 0 43 185 Licenses and Fees 15 17 17 5 7 35 8 6 22 22 10 16 180 Treasury 1 1 1 2 0 0 0 1 1 1 1 2 12 Escheats -8 -6 -10 12 -3 -4

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MQRE-FY23-24_Revised_Jan.pdf

0 0 0 185 Licenses and Fees 11 16 8 6 8 31 5 9 47 5 13 6 165 Treasury 61 55 46 36 33 33 33 36 35 36 42 43 488 Escheats -11 -19 -20 8 -19 -16

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Monthly_Economic_Update_December_2021.pdf

Rent imputed to homeowners is 26% of the Philadelphia CPI-U. Row 3 displays Federal Reserve holdings of U.S. Treasuries and mortgage backed securities. Debt holdings increased by $2.9 trillion (80%) from October 2019 to October 2020 and then

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Monthly_Economic_Update_April_2022.pdf

next year at 28%, up from 18% in January. In a recent interview with Bloomberg’s “Wall Street Week,” former Treasury Secretary Larry Summers noted that “(t)he combination of overheating, followed by policy delay followed by supply shocks means I

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jackson ppt.pdf

Oil Price ($/barrel) 77 101 98 106 Federal Funds Rate (%) 0.2 0.1 0.1 0.1 10-Year Treasury Yield (%) 3.2 2.8 2.3 2.8 (Percent change unless noted) Other Key US Indicators 5 © 2012, IHS

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IFO_Testimony_Feb2018.pdf

interest rates. Any impact will likely be exacerbated by the Federal Reserve winding down its unusually large portfolio of US Treasury securities (and other debt) as well as the new corporate territorial tax regime (allowing for repatriation of certain deferred foreign

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IFO_Hearing_Materials_March_2023.pdf

6% 2.0% Corrections 2,732 2,892 2,888 2,891 2,884 2,884 5.9% -0.1% Treasury 1,181 1,256 1,311 1,413 1,443 1,484 6.3% 4.2% All Other 4,197

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IFO-Presentation-11-14-2019.pdf

602 4.6% Education 556 322 337 335 331 2.5% Criminal Justice 77 72 93 69 60 2.6% Treasury 61 47 38 63 25 3.7% All Other 169 128 168 118 274 4.7% Total Spending 1,975

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IFO - Economic and Budget Outlook - January 2012.pdf

the following departments: Aging, Agriculture, Attorney and Auditor General, Community and Economic Development, Environmental Protection, Military and Veteran Affairs, Revenue, Treasury, Executive Offices, State Police, Labor and Industry, General Services, Probation and Parole, Judiciary and Legislature. Funding for those departments comprise

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Five_Year_Outlook_2020_Presentation_Final.pdf

15.68 23.6% 17.95 3.4% Criminal Justice 1.61 2.69 67.3% 2.98 2.5% Treasury 1.24 1.28 3.9% 1.51 4.2% All Other 3.18 3.57 12.1% 4.00

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EPLC_3_4_2022_update.pdf

17.94 19.1% 20.85 3.8% Criminal Justice 2.67 2.80 4.7% 2.97 1.5% Treasury 1.17 1.26 7.1% 1.50 4.5% All Other 3.55 3.73 5.2% 4.16

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EPLC-2-19-21.pdf

15.68 23.6% 17.95 3.4% Criminal Justice 1.61 2.69 67.3% 2.98 2.5% Treasury 1.24 1.28 3.9% 1.51 4.2% All Other 3.18 3.57 12.1% 4.00

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Economic_Summit_Presentation_Sept_2023.pdf

to derive underlying deficit. Sources: U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis, RedFin, FHFA, Monthly Treasury Statement, Congressional Budget Office. CreationDate: 2023-09-13 13:17:42 Creator: PScript5.dll Version 5.2.2 ModDate: 2023-

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Budget Hearings Packet.pdf

216 185 -14.3% -85 -43 Licenses and Fees 119 159 34.2% 191 118 -38.5% -72 42 Escheats, Treasury, Fines 601 302 -49.7% 774 281 -63.7% -173 22 Note: Millions of dollars. Executive Budget projections exclude all

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Budget Hearings Packet- Web Version.pdf

216 185 -14.3% -85 -43 Licenses and Fees 119 159 34.2% 191 118 -38.5% -72 42 Escheats, Treasury, Fines 601 302 -49.7% 774 281 -63.7% -173 22 Note: Millions of dollars. Executive Budget projections exclude all

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2022_Mid_Year_Update.pdf

taxable. Note: Billions of dollars. PPP includes both pass-through entities and C corporations. Source: US Department of Labor, US Treasury Department, Small Business Administration and PA Department of Labor. Recent Quarterly Trends for PA Economics January 31, 2022 4 Year-

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2019_Wage_Contract_Summary_Table.pdf

Council, PA Infrastructure Investment Authority, PA Port Authorities, Patient Safety Authority and the PA Gaming Control Board. All other agencies (Treasury, Judiciary, Legislature, etc.,) are not included in the analysis. FISCAL IMPACT OF COLLECTIVE BARGAINING AGREEMENTS CreationDate: 2021-09-27 16

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2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

investment risk. This can be alleviated by the selection of a “risk-free” interest rate, such as the 10-year Treasury rate averaged over the employee’s career. The employer also assumes the longevity risk, which can be ameliorated by utilizing

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2004_srpvffinal.pdf

quasi-independent local board, etc.). “State” designates a plan that is centrally administered at the State-level (state pension board, treasury department, etc.). Plan Type: Identifies the plan as either defined benefit (DB) or defined contribution (DC). Membership: # Members – Indicates the

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Pensions

into law on July 2, 2010, Act 44 created the Protecting Pennsylvania's Investments Act, mandating divestiture by the State Treasurer, the Public School Employees' Retirement System and the State Employees' Retirement System of investments in companies doing business in the

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Links

State Legislatures • National Association of State Budget Officers Federal Government • Board of Governors, Federal Reserve • Congressional Budget Office • Department of Treasury • Government Accountability Office • Internal Revenue Service • Joint Committee on Taxation • Office of Management and Budget • FRED - St. Louis Fed IFO Pennsylvania Independent Fiscal Office Email Subscription Get alerts on new studies and reports. Sign Up Latest Tweets • (Feb 16) An IFO analysis of the collective bargaining agreement between the Commonwealth and the ALES finds a $1.9 million four-year budget impact. See: ifo.state.pa.us/Resources/Docu… pic.twitter.com/08LbsrgX0T • (Feb 15) An IFO analysis of the collective bargaining agreement between the Commonwealth and the SEIU Local 668 - UC Referees finds a $4.1 million four-year budget impact. See: ifo.state.pa.us/Resources/Docu… pic.twitter.com/kKIA4ryfMW • (Feb 14) PA ranks 18th (unadjusted) or 16th(adjusted for local prices) in state and local taxes per capita. Lower than NY, NJ, DE and MD, and higher than OH and WV. See: ifo.state.pa.us/Resources/Docu… pic.twitter.com/GdNMrpvcv5 Contact Info (717) 230-8293 contact@ifo.state.pa.us Follow on Twitter Independent Fiscal Office 2nd Floor Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 viewport

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