Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the fifth year, the IFO reviewed the Department of Conservation and Natural Resources, Department of Drug and Alcohol Programs, Department of Revenue, Pennsylvania Insurance Department and the Executive Offices.
Click on the link to access the performance-based budget review for the Department of Revenue.
Approved by the PBB Board on January 10, 2023.
Tags: budgeting, performance
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the fifth year, the IFO reviewed the Department of Conservation and Natural Resources, Department of Drug and Alcohol Programs, Department of Revenue, Pennsylvania Insurance Department and the Executive Offices.
Click on the link to access the performance-based budget review for the Pennsylvania Insurance Department.
Approved by the PBB Board on January 11, 2023.
The report was reposted on January 18, 2023 to correct a single year of data on page 14.
Tags: budgeting, performance
Act 48 of 2017 requires the Independent Fiscal Office (IFO) to develop performance-based budget plans for all agencies under the Governor’s jurisdiction once every five years. For the fifth year, the IFO reviewed the Department of Conservation and Natural Resources, Department of Drug and Alcohol Programs, Department of Revenue, Pennsylvania Insurance Department and the Executive Offices.
Click on the link to access the performance-based budget review for the Executive Offices.
Approved by the PBB Board on January 11, 2023.
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 Manufacturing Tax Credit Report.
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 Resource Manufacturing Tax Credit Report.
The IFO published a research brief that uses the latest Census data to rank states based on net migration between states since 2020. During the past two years, Pennsylvania recorded a net domestic outflow of 16,220. Relative to state population, the net outflow caused state population to contract by 0.1%, which ranked 29th across all states.
Tags: contraction, pennsylvania, population
The Commonwealth collected $4.04 billion in General Fund revenue for December, an increase of $195.9 million (5.1%) compared to December 2021. The implementation of the Department of Revenue’s tax modernization project resulted in the shift of roughly $200 million of revenue that would normally have been receipted in November to December.
The IFO published a research brief that uses the latest federal tax return data to provide a breakdown by income class for unemployment compensation (UC) benefits received by Pennsylvania residents in 2019 and 2020. For 2020, residents received $33.4 billion of UC income and $21.3 billion (64%) was reported on the federal tax return. For amounts reported, $2.9 billion (13.4%) was reported by filers with more than $100,000 of adjusted gross income (AGI). High income taxpayers qualify for UC benefits because the federal program does not apply income thresholds.
Tags: brief, compensation, research, unemployment
The December 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.
This research brief presents data on Pennsylvania tax credits and economic development incentives for fiscal years (FY) 2017-18 through FY 2022-23. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. Fiscal year 2022-23 amounts are budgeted, authorized or projected and may differ from final amounts expended or awarded for the year. The brief also highlights recent changes to incentive program spending or utilization.
This research brief was reposted on December 21 to correct a text error on page 1.