In response to a legislative request, the IFO transmitted a letter that modifies or supplements certain computations from the IFO report entitled State and Local Taxes: A Comparison Across States (December 2018). The letter also compares Pennsylvania’s relative debt burden to other states.
This report for the fourth quarter of 2018 uses data collected by the PA Department of Environmental Protection to develop statewide and county-level tabulations of production volume and well counts.
Deputy Director Brenda Warburton gave a presentation at a session of the Pennsylvania Education Policy Fellowship Program regarding the Commonwealth's economic and budget outlook. The presentation summarized the office's five year economic and budget outlook (November 2018) as well as more recent updates to the office's revenue estimates for FY 2018-19 and FY 2019-20 (January 2019). The presentation also addressed the office's most recent estimate for school property tax collections.
The Commonwealth collected $2.04 billion in General Fund revenues for February, a decrease of $1.54 billion (-43.0%) compared to February 2018. Fiscal year-to-date revenues are $20.20 billion, a decrease of $0.75 billion (-3.6%) from the prior year.
In response to a legislative request, the IFO has updated projections regarding school district property tax elimination. The document projects the school property tax revenues that would be subject to replacement under potential legislation that would eliminate school property taxes.
The Independent Fiscal Office submitted material to the House and Senate Appropriations Committees in advance of its scheduled budget hearings.
The Commonwealth collected $2.89 billion in General Fund revenues for January, a decrease of $252 million (-8.0%) compared to January 2018. Fiscal year-to-date revenues are $18.2 billion, an increase of $0.79 billion (4.5%) from the prior year.
The Independent Fiscal Office (IFO) has released a mid-year update of its revenue estimate for fiscal year (FY) 2018-19. The revised estimate is $34.272 billion, which is $373 million higher than the IFO’s offical estimate. As part of the mid-year update, the IFO also provides an advance look at revenue projections for the next fiscal year. For FY 2019-20, revenues are projected to be $35.272 billion, an increase of 2.9 percent over the current year. The office will update the estimate in its next round of revenue projections to be released in late May.
This research brief uses recent data published by the Department of Environmental Protection to project CY 2018 Impact Fee collections.
The IFO has posted a revised agenda for the upcoming performance-based budget and tax credit review hearings.