The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2017-18. The revised estimate is $34.780 billion, which is $35 million higher than the IFO’s November 2017 estimate. As part of the mid-year update, the IFO also provides an advance look at revenue projections for the next fiscal year. For FY 2018-19, revenues are projected to be $33.914 billion, a decrease of -2.5 percent over the current year. The presentation also addresses the impact of recent federal tax law changes on the Pennsylvania budget. The changes affect estimates for corporate net income, personal income and sales tax revenues in FY 2017-18 and FY 2018-19. The office will update the estimate in its next round of revenue projections to be released in early May.
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This report examines the performance of IFO revenue estimates for the past five budget cycles.
This report provides updated revenue distributions based on the estimates contained in the Official Monthly and Quarterly Revenue Estimates for Fiscal Year 2017-18 published by the IFO on August 10, 2017. The updated distributions reflect the statutory changes enacted with the state budget.
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.
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.
This report provides preliminary revenue distributions based on the FY 2017-18 projections contained in the Official Revenue Estimate published by the IFO on June 15, 2017. They do not reflect any potential statutory changes that may be enacted with the state budget.
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.
FY 2017-18 official estimate and FY 2016-17 estimate revision (June 2017).
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 initial revenue estimate for FY 2017-18 and updated estimates for FY 2016-17.