The Independent Fiscal Office (IFO) released its five-year Economic and Budget Outlook. Click the hyperlink above to view the report and presentations.
The IFO will release its long-term budget outlook for FY 2024-25 to FY 2029-30 on November 14 at 1:30 pm. The report will include an assessment of the General Fund surplus ($6.6 billion at end of FY 23-24) and Rainy Day Fund ($7.0 billion) under current law and policies. See the announcement for a link to register for the presentation.
The Commonwealth collected $3.38 billion in General Fund revenues for October, an increase of $137 million compared to October 2023.
Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation of this statute. The IFO will release the Economic and Budget Outlook for Fiscal Years 2024-25 to 2029-30 in November 2024.
This research brief uses data from the Pennsylvania Department of Education to examine how school districts used $6.0 billion of temporary COVID-19 funds.
Fiscal Analyst Jesse Bushman presented an update on the Pennsylvania economy and a new projection of the Act 1 Index to the Pennsylvania Association of School Business Officials.
This research brief uses data from the Pennsylvania Department of Education and Pennsylvania Gaming Control Board to examine the recent increase in Act 1 property tax relief due to gaming expansion.
The Commonwealth collected $4.16 billion in General Fund revenues for September, an increase of $105 million (+2.6%) compared to September 2023.
This research brief is the second in a series that uses a new distribution model to examine the progressivity/regressivity of state-local taxes. This release examines state and local gaming taxes and funds retained by the Lottery after prize payouts.
This research brief uses data from the Pennsylvania Gaming Control Board to examine trends for Pennsylvania gaming revenues from fiscal year (FY) 2018-19 through FY 2023-24 and the first two months of FY 2024-25.