The Monthly Economic Update provides data and insight on current trends that impact the state economy.
The IFO presented an Economic and Budget Update to the PA Motor Truck Association.
In response to a legislative request, the IFO transmitted a letter that analyzes a proposal to provide property tax rebates for senior homeowners in certain income ranges.
The IFO posted a fourth research brief that examines the end or phase-out of various programs tied to the federal public health emergency that will impact the state economy. The brief examines the fiscal impact on the Commonwealth that will result from the phaseout of the enhanced Federal Medical Assistance Percentage (FMAP) and disenrollments due to the elimination of the continuous coverage requirement. The analysis finds a $1.70 billion net increase in state costs for FY 2023-24 and $2.13 billion the year after.
The report was originally posted on March 17, 2023 and was updated on April 6, 2023 for technical changes to the FMAP enhancement for newly eligible enrollees. The updated report also includes revised estimates from DHS for FY 23-24 expenditures covered by the enhanced FMAP phaseout.
The Independent Fiscal Office (IFO) responded to questions raised at the office’s budget hearing before the Senate Appropriations Committee. The questions relate to net migration for Pennsylvania, U3 and U6 unemployment rates, tax burden and labor force participation rates for Pennsylvania and border states, Pennsylvania’s declining workforce and the Pennsylvania Child and Dependent Care Enhancement Tax Credit.
The Monthly Economic Update provides data and insight on current trends that impact the state economy.
The Commonwealth collected $6.19 billion in General Fund revenues for March, an increase of $633.3 million (11.4%) compared to March 2022.