This report examines the demographic, economic, revenue and expenditure trends that will affect the Commonwealth’s fiscal condition through fiscal year (FY) 2022-23. Based on the economic and demographic assumptions used by this report, the evaluation finds that various factors imply a long-term fiscal imbalance.
In response to a legislative request, the IFO collected and analyzed certain data related to school property taxes and potential replacement revenues. Data for Philadelphia in Table 3 has been adjusted based on information provided by the Philadelphia Department of Revenue.
The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections.
The Commonwealth collected $2.2 billion in General Fund revenues for October, a decrease of $59.3 million (-2.7%) compared to October 2016. Fiscal year-to-date revenues were $9.1 billion, an increase of $259.2 million (2.9%) from the prior year.