The IFO published a new research brief that examines the impact of inflation on the real earnings of Pennsylvania workers and the real value of public pension benefits.
The October 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.
Director Matthew Knittel provided a demographics and labor market update to the Lancaster Chamber of Commerce.
Tags: demographic, labor, market, presentation
The Commonwealth collected $4.00 billion in General Fund revenues for September, an increase of $741.3 million (22.7%) compared to September 2020.
This research brief uses preliminary data for 2020 and 2021 (through September) to compute excess deaths above pre-COVID historical trends in the Commonwealth for those two years. The analysis finds 20,700 excess deaths in 2020 and projects 6,700 excess deaths for 2021.
The IFO released a research brief that provides a status update and outlook for public pension systems in Pennsylvania. Data for state and local systems show that while the fiscal health of public pension systems has improved in recent years, the overall unfunded liability remains significant.
The IFO presented the PBB Addendums and revised KSDZ Tax Credit report to the Performance Based Budget Board.
Tags: based, budget, credit, performance, tax
This table provides an up-to-date summary of the recent wage contracts analyzed by the IFO. Additional estimates will be provided after the relevant contract detail has been transmitted to the IFO by the Office of Administration.
This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the United Government Security Officers of America (UGSOA).
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 third year, the IFO reviewed the Department of Transportation, Department of Human Services (Part 2), Department of Military and Veterans Affairs and Pennsylvania State Police.
Click on the link to access the performance-based budget review for the Department of Military and Veterans Affairs.
Tags: budgeting, performance