IFO’s new revenue estimate pegs FY 2016-2017 revenue at $31.66 billion

IFO’s new revenue estimate pegs FY 2016-2017 revenue at $31.66 billion

The Independent Fiscal Office Wednesday released its final revenue estimate in advance of the end of the fiscal year.

Aside from statutory changes to the Liquor Code recently agreed to by lawmakers that increased their estimate for FY 2016-2017 from their May outlook, revenue estimates for FY 2015-2016 and FY 2016-2017 were lowered.

For FY 2016-2017, without the liquor changes, the base projections were $31 million lower than in May, but with the changes, the estimate for the next fiscal year rings in at $31.66 billion.

Wednesday, June 15, 2016/Author: Jason Gottesman
Categories: News and Views
IFO monthly trends report shows May revenue down over last year

IFO monthly trends report shows May revenue down over last year

The Independent Fiscal Office Wednesday released its May monthly trends report showing revenues for the month were down year-to-date by about $17 million, though still ringing in at $1.94 billion.

On a more positive note, yearly revenues are still up by six-tenths of a percent or $164 million, ringing in at a total of $27.84 billion.

Wednesday, June 1, 2016/Author: Jason Gottesman
Categories: News and Views
PA natural gas production increases in first quarter of 2016

PA natural gas production increases in first quarter of 2016

A report issued by the Independent Fiscal Office last week shows natural gas production in Pennsylvania has increased over last year, but the number of new wells coming online has significantly decreased over the same period.

According to the report, natural gas production increased by a total of 12.7 percent, led by a 12.8 percent increase in horizontal well production. Vertical well production declined just shy of ten percent over last year’s number, but had only a one-tenth percent impact on the overall production numbers.

Tuesday, May 31, 2016/Author: Jason Gottesman
Categories: News and Views
Proposals would split retirement commission’s functions between IFO, Office of Auditor General

Proposals would split retirement commission’s functions between IFO, Office of Auditor General

Two identical proposals—one offered in the Senate and one offered in the House—would take the functions of the Public Employee Retirement Commission, the independent legislative agency tasked with reviewing pension legislation and determining state aid for municipal pension plans, and split them between the Independent Fiscal Office and Office of Auditor General.

The Senate Finance Committee Tuesday afternoon unanimously moved along the Senate version of the legislation, Senate Bill 1227, sponsored jointly by Sen. John Blake (D-Lackawanna) and Sen. Pat Browne (R-Lehigh).

Tuesday, May 10, 2016/Author: Jason Gottesman
Categories: News and Views
IFO provides FY 2016-2017 revenue estimate, projects 1.8 percent growth

IFO provides FY 2016-2017 revenue estimate, projects 1.8 percent growth

The Independent Fiscal Office Tuesday afternoon released revised revenue estimate numbers with pertinent impacts to both the current and coming fiscal year.

As it pertains to the coming fiscal year, the IFO anticipated having $31.586 billion in revenue, which is a growth rate of 1.8 percent over the current fiscal year. According to the IFO, the governor’s proposed budget rang in at $31.772 billion without any of the proposed revenue changes taken into account.

Tuesday, May 3, 2016/Author: Jason Gottesman
Categories: News and Views
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