A week of woe for Pennsylvania’s fiscal health

A week of woe for Pennsylvania’s fiscal health

While last week’s election brought the prospect for change at the national level, the week following the election in Pennsylvania brought more of the same in terms of legislative leadership and, more importantly, Pennsylvania’s fiscal outlook.

 

The negative news concerning the current state of Pennsylvania’s budget and a depressing future outlook began Tuesday when the Independent Fiscal Office provided its five-year financial outlook that noted budget deficits are only likely to increase from $1.7 billion for FY 2017-2018 to $3 billion in FY 2021-2022.

Thursday, November 17, 2016/Author: Jason Gottesman
Categories: News and Views
House caucuses elect leadership for coming session

House caucuses elect leadership for coming session

The House of Representatives held its last voting session day of the 2015-2016 legislative term Tuesday and while no substantive votes were held, both legislative caucuses elected slates of internal leadership to lead them in the 2017-2018 session.

 

In the House Republican Caucus, there were three changes in leadership. Rep. Stan Saylor (R-York) took the highest profile open leadership spot by being elected as House Appropriations Majority Chairman on the first ballot.

Tuesday, November 15, 2016/Author: Jason Gottesman
Categories: News and Views
Revenue collections continue to fall short of estimates

Revenue collections continue to fall short of estimates

September’s General Fund revenue numbers were announced Monday and the third month of the fiscal year once again saw incoming dollars to the state’s largest bank account fall short of estimated figures.

 

While the Independent Fiscal Office noted collections of $2.63 billion decreased by $106.5 million over the same period in the prior fiscal year, fiscal year to date revenues of $6.61 billion are $121 million below the same three-month window in FY 2015-2016.

 

Additionally, revenue estimates released by the Department of Revenue Monday show that the numbers coming in during September continue the current fiscal year’s trend of revenues falling short of estimates.

Tuesday, October 4, 2016/Author: Jason Gottesman
Categories: News and Views
IFO: Natural gas production increases while new well creation decreases in first half of 2016

IFO: Natural gas production increases while new well creation decreases in first half of 2016

Friday, the Independent Fiscal Office released its review of natural gas production from unconventional wells in Pennsylvania for the first half of 2016, noting the number of producing wells and the overall volume of natural gas production increased in the commonwealth during the first half of 2016 when compared to 2015 numbers.

 

However, the number of newly created wells dropped by almost 50 percent compared to the same period in 2015.

Monday, August 29, 2016/Author: Jason Gottesman
Categories: News and Views
IFO revises revenue estimate to account for budget revenue package

IFO revises revenue estimate to account for budget revenue package

The Independent Fiscal Office released its quarterly revenue estimate Wednesday with adjustments that include increases in total General Fund revenues provided by the FY 2016-2017 budget revenue package from the mid-June estimate.

Wednesday, August 24, 2016/Author: Jason Gottesman
Categories: News and Views
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