IFO: General Fund structural deficits to continue over next five years

IFO: General Fund structural deficits to continue over next five years

The state’s independent economic forecasters are predicting General Fund deficits over the next five years, even while job and wage growth are both expected to increase in the short term. 

Matthew Knittel, the executive director of the state’s Independent Fiscal Office, said on Thursday that the state’s projected revenues are expected to increase along with expenditures, continuing a structural imbalance through Fiscal Year 2024-25.
Thursday, November 14, 2019/Author: Justin Sweitzer
Categories: News and Views
IFO analysis: Nearly 2 million workers could see pay increase with $12 minimum wage; 34,000 could lose jobs

IFO analysis: Nearly 2 million workers could see pay increase with $12 minimum wage; 34,000 could lose jobs

The state’s Independent Fiscal Office has released new estimates on how Pennsylvania workers would be affected by an increase in the minimum wage, which suggests that close to 2 million workers could see increases in their pay if the state’s base wage is raised to $12 an hour.

 

However, the IFO says the policy wouldn’t come without some consequences — namely, a potential loss of approximately 34,100 jobs.

Thursday, October 10, 2019/Author: Justin Sweitzer
Categories: News and Views
IFO: State's revenue outlook better than expected but 'deceleration' likely ahead

IFO: State's revenue outlook better than expected but 'deceleration' likely ahead

The state’s Independent Fiscal Office is estimating over $850 million more in revenue this fiscal year than initially projected, although it cautioned that many of the factors underpinning that increase are short lived.

IFO Director Matthew Knittel unveiled the updated projections at a meeting Monday, noting that the state economy performed roughly as expected but that a bump in taxes on internet revenue and strong corporate profits helped to boost the state’s revenue outlook.
Monday, May 20, 2019/Author: Andrew Bahl
Categories: News and Views
Saylor questions gloomy IFO projections, pushes for government “within its means” for 2019 budget

Saylor questions gloomy IFO projections, pushes for government “within its means” for 2019 budget

In a statement Monday, House Appropriations Chair Stan Saylor (R-York) pointed to rosy revenue numbers, a projected surplus from Gov. Tom Wolf’s administration and previous spending overestimates from the state Independent Fiscal Office in calling for no new taxes.

“As we head into the new legislative session, the focus of the House Republican Caucus will be on creating a budget that does not rely on new taxes or fees and that supports job creation,” Saylor said in the statement.

Monday, December 17, 2018/Author: Stephen Caruso
Categories: News and Views
Outgoing budget secretary strikes optimistic tone at mid-year budget briefing

Outgoing budget secretary strikes optimistic tone at mid-year budget briefing

Despite Independent Fiscal Office predictions of a $1.7 billion budget deficit, outgoing Budget Secretary Randy Albright struck an optimistic tone at a mid-year budget report Tuesday, citing a burgeoning state economy.

“We’re confident that we will end the year with not just a balanced budget but a surplus,” he said, adding that “we don’t think we face a $1.5 billion deficit for the proposed budget year.”

Tuesday, December 11, 2018/Author: The PLS Reporter
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