Deputy Director Mark Ryan gave a presentation to the Lancaster Chamber of Commerce and Industry addressing Pennsylvania’s long-term fiscal outlook, demographics and the current revenue forecast.
The IFO responds to a request regarding the economic benefit and tax revenue impact from eliminating Pennsylvania personal income tax on like-kind exchanges.
Pursuant to section 604-B(a)(8) of the Administrative Code of 1929, the Independent Fiscal Office has prepared a cost analysis of the collective bargaining agreements between the Commonwealth of Pennsylvania and the Pennsylvania Liquor Enforcement Association (PLEA).
The Commonwealth collected $3.3 billion in General Fund revenues for June, an increase of $203.8 million (6.7%) compared to June 2016. Fiscal year-to-date revenues were $31.7 billion, an increase of $768.1 million (2.5%) from the prior year.
This research brief examines 2016 impact fee collections and natural gas production in Pennsylvania. It also provides an outlook for 2017.
In response to a legislative request, the IFO reviewed the Department of Human Services' projections for the state savings and costs that could occur if Pennsylvania's minimum wage were to be increased to $12 per hour.
Deputy Director Mark Ryan made a presentation to the Pennsylvania School Boards Association (PSBA) regarding the impact of recently enacted pension legislation (Act 5 of 2017) on school district pension contributions.
FY 2017-18 official estimate and FY 2016-17 estimate revision (June 2017).
Director Matt Knittel provided a budget and economic update to the Pennsylvania Institute of Certified Public Accountants (PICPA).
The actuarial note analyzes a proposal to amend the Public School Employees' Retirement Code and the State Employees' Retirement Code to (1) require most new employees to select one of three new plan design options and (2) make certain actuarial funding changes. The plan design options include two hybrid plans consisting of defined benefit and defined contribution components. The third option is a stand-alone defined contribution plan.
On June 5, 2017 the IFO updated the actuarial note by clarifiying certain language in the summary of Senate Bill 1. A list of the changes is available here.