Pursuant to Act 128 of 2020, the IFO issued a report that summarizes results from the Public School Employees Retirement System’s (PSERS) recent stress test report. Based on PSERS’ baseline projections, the IFO projects that from FY 2025-26 to FY 2053-54, the Commonwealth will use $50.8 billion in General Fund revenues (2.3%) for the state’s share of public school employer pension contributions. Relative to baseline projections, the report also summarizes the impact from scenarios that allow investment performance to exceed and fall short of assumptions.
The IFO released its initial revenue estimate for FY 2025-26. Click the hyperlink above to view the report and presentation.
The IFO published an economic impact report for the 2024 U.S. Women’s Open which took place May 30 to June 2, 2024 at the Lancaster Country Club. The analysis finds that economic activity related to the event supported 147 full-time equivalent jobs and generated $14.1 million in in-state spending, nearly $570,000 in state sales and use tax and $560,000 in personal income tax revenue.
The IFO will release its Initial Revenue Estimate on Tuesday, May 20th at 1:30 PM. The report will contain revisions to the FY 2024-25 estimate and an initial estimate for FY 2025-26. See the announcement for a link to register for the presentation.
The Commonwealth collected $6.21 billion in General Fund revenues for April, an increase of $528 million compared to April 2024.