IFO: December revenue trends up over prior year

The Independent Fiscal Office released its December 2015 revenue trends report Monday, noting overall General Fund revenues are up $15 million or .5 percent over December 2014.

The trends report indicated while tax revenues were up by $49 million, ringing in at $2.7 billion, non-tax revenue was down $34 million. 

Total revenues for the month of December 2015 wound up at $2.73 billion.

Monday, January 4, 2016/Author: Jason Gottesman
Categories: News and Views

IFO compares monthly revenue figures to prior year

Along with Monday’s Department of Revenue announcement of revenue collections for October 2015, the Independent Fiscal Office used the numbers to compare collections to October 2014, but with mixed results.

According to the Department of Revenue, $2.1 billion in General Fund revenue was collected in October 2015, bringing total fiscal-year-to-date collections to $8.9 billion.

The Independent Fiscal Office noted that the total collection number is $110 million less than October 2014 with monthly tax revenues declining by $101 million and nontax revenues declining by $9 million.

However, according to the IFO, that’s not the end of the story.

Tuesday, November 3, 2015/Author: Jason Gottesman
Categories: News and Views

IFO: Revenue trends continue to beat estimates

Despite the state not having a spending plan to authorize the expenditure of revenue dollars, the Independent Fiscal Office said Thursday that revenue collections for September and the first quarter of the 2015-2016 fiscal year remained strong.

According to the revenue trends report for the first quarter of the fiscal year, General Fund revenue has exceeded IFO estimates by $74 million.

The higher-than-estimated revenues were driven largely by personal income tax quarterly payments, higher than expected realty transfer tax payments, and other tax revenue.

Thursday, October 1, 2015/Author: Jason Gottesman
Categories: News and Views

IFO: Year-to-date revenue collections down one percent

A report out this week from Pennsylvania’s Independent Fiscal Office shows year-to-date General Fund revenue collections as of August were down just under one percent from August 2014.

According to the IFO, the Commonwealth collected $1.87 million in August, bringing FY 2015-2016 collections to about $4 billion, a decrease of $34 million from FY 2014-2015.

August General Fund collections, however, were up 4.3 percent when compared to the monthly collections for August 2014.

The collections numbers were largely confirmed by the Pennsylvania Department of Revenue in a release Wednesday.

Wednesday, September 2, 2015/Author: Jason Gottesman
Categories: News and Views
IFO revenue estimate: short term positives, long term uncertainties

IFO revenue estimate: short term positives, long term uncertainties

According to the initial FY 2015-2016 revenue estimate released Monday by the Independent Fiscal Office, revenue projections for the short-term appear rosier than original estimates suggested.

The report notes that while currently positive trends in terms of low inflation, increased consumer spending, and larger corporate profits have led to an increase of revenue projections, uncertainties pertaining to the cause of corporate revenue growth and the use of one-time revenue sources in the current fiscal year cloud the prospect of long-term positive growth.

“The revisions we are making now are good news short-term, but long term it is unclear how it is going to play out,” said IFO Director Matthew Knittel during Monday’s briefing. “Much of these revenues could not be carried forward.”

As an overview, IFO’s revised estimate now puts FY 2014-2015 General Fund revenue estimates at $30.6 billion, which they say is a $1.9 billion increase over the prior fiscal year and $594 million higher than the original estimate in August.

Monday, May 4, 2015/Author: Jason Gottesman
Categories: News and Views