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
Revenue outlook might signal mayday for PA budget crafters

Revenue outlook might signal mayday for PA budget crafters

The first week of May saw worse news after bad for Pennsylvania’s General Fund revenue collections that could potentially lead to a larger-than-anticipated budget deficit for the coming fiscal year.

 

Monday, the state Department of Revenue reported fiscal-year-to-date revenues are currently $1.2 billion behind estimate after April’s collections were released and the Independent Fiscal Office on Tuesday signaled weak economic growth in Pennsylvania, coupled with a potential shift in the realization of income into next year, has caused a downward revision in their revenue estimates for the current and coming fiscal years.

Tuesday, May 2, 2017/Author: Jason Gottesman
Categories: News and Views
April revenue report continues fiscal-year-long slide

April revenue report continues fiscal-year-long slide

Normally one of the strongest months for revenue collections, April’s report from the Department of Revenue showed the Commonwealth once again failed to meet revenue collection estimates, this time falling more than $500 million below estimate.

 

For the fiscal-year-to-date, state General Fund revenue collections are more than $1.2 billion short of estimates.

Monday, May 1, 2017/Author: Jason Gottesman
Categories: News and Views
Budget hearings begin in era of “new normal”

Budget hearings begin in era of “new normal”

The legislature Tuesday began its three-week slate of budget hearings in what one ranking Appropriations Committee member called an era of “new normal.”

 

The budget hearing process, undertaken by the Appropriations Committee in the House and Senate, traditionally takes place in the period following the governor’s budget address and before the run-up to the enactment of the state budget in early summer.

Tuesday, February 21, 2017/Author: Jason Gottesman
Categories: News and Views
IFO revises revenue estimates down

IFO revises revenue estimates down

The Independent Fiscal Office Wednesday released a revised revenue estimate for the current fiscal year, prognosticating that the General Fund will end up with a with $250 million less than they anticipated in their last revenue estimate in November.

Wednesday, January 25, 2017/Author: Jason Gottesman
Categories: News and Views
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