This report examines the performance of IFO revenue estimates for the past twelve budget cycles. For FY 2023-24, actual collections exceeded IFO projections by 0.6%, or $273 million.
The Commonwealth collected $45.47 billion in General Fund revenues for FY 2023-24, which was within 0.6% ($273 million) of the IFO official revenue estimate.
From 2021 to 2022, IRS data indicate that net domestic migration for Pennsylvania was -21,711 (-0.17% of state population) which ranked 35th across all states.
This research brief is the first in a series that describes a new distribution model that will be used to examine the progressivity/regressivity of state-local taxes.
This update examines 2023 impact fee collections and provides an outlook for 2024. The Commonwealth collected $179.6 million in impact fees for 2023, a $99.2 million decrease from 2022.
This research brief looks at the drivers of revenue and spending growth during the pandemic.
The Independent Fiscal Office (IFO) released its official revenue estimate for FY 2024-25. Updated estimates for FY 2023-24 are included.
The IFO released an updated school district property tax forecast. The report projects revenues and the Act 1 index through FY 2025-26 and provides an overview of recent trends in school district funding.
The Commonwealth collected $3.36 billion in General Fund revenues for May, an increase of $64 million (+2.0%) compared to May 2023.
This document uses data from the Pennsylvania Department of Environmental Protection, the U.S. Energy Information Administration and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices.