The Independent Fiscal Office (IFO) released a mid-year update of its revenue estimate for fiscal year (FY) 2022-23 and provided an advance look at revenue projections for the next fiscal year. The IFO will update the estimate in its next round of revenue projections released in late May.
The IFO posted a research brief that is the first in a series that examines the end or phase-out of various programs tied to the federal public health emergency that will impact the state economy. The brief quantifies the impact from the end of SNAP emergency allotments in February 2023.
This research brief was reposted on February 2, 2023 to change the 2023 summer benefit to $120 per child.
The IFO published a letter in response to a request from Chairman Grove for a static and dynamic analysis of proposed changes to state motor fuel taxes. The proposal would reduce those taxes and replace lost revenues with motor vehicle sales and use taxes.
The January edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends.
The IFO presented results from its five-year outlook report published in November 2022.
Tags: budget, economic, presentation
IFO presentation of Performance-Based Budget overview and agency highlights for the Pennsylvania Insurance Department and the Executive Offices is posted on the website.
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IFO presentation of the Manufacturing, Pennsylvania Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credit Reviews.
IFO presentation of Performance-Based Budget overview and agency highlights for the Department of Revenue is posted on the website.
Tags: budgeting, performance
IFO presentation of Performance-Based Budget overview and agency highlights for the Department of Conservation and Natural Resources and the Department of Drug and Alcohol Programs is posted on the website.
Tags: budgeting, performance
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits.
Click on the link to access the Waterfront Development Tax Credit Report.