General Assembly, associated agencies sit on $95 million in reserve funds

General Assembly, associated agencies sit on $95 million in reserve funds

The Legislative Audit Advisory commission released the audit of the General Assembly’s finances for FY 2016-2017, reporting that the legislature and its associated agencies have combined reserves of $95 million.

The reserves represent surpluses over the $325 million appropriated to the General Assembly in FY 2016-2017.
Wednesday, November 15, 2017/Author: Jason Gottesman
Categories: News and Views
PA collects $2.7 billion in September revenue

PA collects $2.7 billion in September revenue

The Department of Revenue reported September’s reported revenue figures Monday, noting the Commonwealth collected $2.7 billion for the month, bringing the fiscal-year- to-date collections to $6.9 billion.

Monday, October 2, 2017/Author: Alanna Koll
Categories: News and Views
PA collects $2.1 billion in August revenue

PA collects $2.1 billion in August revenue

Friday, the Department of Revenue reported August’s revenue figures, noting the Commonwealth collected $2.1 billion for the month, bringing fiscal-year-to-date collections up to a total of $4.2 billion 

Tuesday, September 5, 2017/Author: Jason Gottesman
Categories: News and Views
As revenue projections hold, IFO sees continued weakness in sales tax growth

As revenue projections hold, IFO sees continued weakness in sales tax growth

Appearing before the House State Government Committee Wednesday to brief members on their current and legislatively proposed job functions, the Independent Fiscal Office reported that while their current year revenue projections are holding firm, there is continued weakness in sales tax growth that is ultimately adding to undermined General Fund revenue collections.

Wednesday, August 30, 2017/Author: Jason Gottesman
Categories: News and Views
IFO revises current-year revenue estimates down $900 million from initial estimate

IFO revises current-year revenue estimates down $900 million from initial estimate

As lawmakers work to craft a FY 2017-2018 spending plan in the waning days of the current fiscal year, the Independent Fiscal Office on Thursday released its statutorily-required revenue estimate for the current and coming fiscal year, showing a $900 million downward revision from the revenue estimate made at the beginning of the fiscal year.

Friday, June 16, 2017/Author: Jason Gottesman
Categories: News and Views
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