This update examines 2022 impact fee collections and provides an outlook for 2023. The Commonwealth collected $278.9 million in impact fees for 2022, a $44.4 million increase from 2021.
The Independent Fiscal Office (IFO) released its official revenue estimate for FY 2023-24. Updated estimates for FY 2022-23 are included.
The IFO posted a new research brief that discusses the factors that motivate recent record Lottery jackpots for Mega Millions and Powerball and how large jackpots from those two games impact funds for programs the Lottery Fund supports.
As part of its annual revenue estimate, the IFO modeled the economic and revenue impact from the scheduled end of the student loan moratorium in September 2023. An IMPLAN economic simulation finds that annual state nominal GDP will decline by $3.4 billion while sales tax revenues decline by $125 million and personal income tax by $40 million.
The Commonwealth collected $3.29 billion in General Fund Revenues for May, an increase of $61.1 million (1.9%) compared to May 2022.
This document uses data from the Pennsylvania Department of Environmental Protection, the U.S. Energy Information Administration and Bentek Energy to provide a quarterly update on recent trends in production volume, well counts and average spot prices.
Tags: gas, natural, production
The IFO released its initial revenue estimate for FY 2023-24. Click the hyperlink above to view the report and presentation.
The Monthly Economic Update provides data and insight on current trends that impact the state economy.
The IFO will release its Initial Revenue Estimate on Wednesday, May 24th at 1:30 PM. The report will contain revisions to the FY 2022-23 estimate and an initial estimate for FY 2023-24. See the announcement for a link to register for the presentation.
This report provides estimates for the revenue proposals contained in the 2023-24 Executive Budget released March 2023. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under Section 604-B (a)(4) of the Administrative Code of 1929. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."