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
As state misses April General Fund revenue estimates, initial IFO outlook for 2018-19 paints improving long-term picture

As state misses April General Fund revenue estimates, initial IFO outlook for 2018-19 paints improving long-term picture

The Department of Revenue yesterday released details on April tax collections for the state, reporting tax revenue for the month exceeded expectations by almost a full percentage point, but General Fund revenue of $57.6 million missed estimates by 1.5 percent. The news came shortly after the Independent Fiscal Office issued its first revenue estimates for fiscal year 2018-19, which offered an increasingly sunny outlook for the commonwealth’s finances.

Wednesday, May 2, 2018/Author: Mike Howells
Categories: News and Views
Farm Show transaction, gaming expansion money leads state revenue to exceed expectations

Farm Show transaction, gaming expansion money leads state revenue to exceed expectations

The Department of Revenue and the Independent Fiscal Office released information Thursday on how state revenue collections matched up with expectations, and both reported that January revenue numbers exceeded expectations.

Thursday, February 1, 2018/Author: Jason Gottesman
Categories: News and Views
Rep. Grove bills would reform revenue estimate process, provide more information to IFO

Rep. Grove bills would reform revenue estimate process, provide more information to IFO

Seeking to take out what he sees as the politics of forecasting future revenue, Rep. Seth Grove (R-York) recently introduced two bills that would reform how the Commonwealth arrives at its annual revenue estimate and what information the Independent Fiscal Office is able to see when determining its revenue forecasts and provides independent information to the legislature about state finances.

Friday, January 12, 2018/Author: Jason Gottesman
Categories: News and Views
State collects $2.8 billion in December General Fund revenues

State collects $2.8 billion in December General Fund revenues

The Pennsylvania Department of Revenue and the Independent Fiscal Office each reported this week that state General Fund revenue collections for the month of December rang in at around $2.8 billion.

 

However, that’s where it appears agreement stops between two of the Commonwealth’s top fiscal forecasters.

Wednesday, January 3, 2018/Author: Jason Gottesman
Categories: News and Views
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