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
And the nominees are... Insurance Commissioner Teresa Miller

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Meet the Pennsylvania Department of Insurance Commissioner, Teresa Miller. Learn more about her career background, her goals for the new job, and what she likes to do in her spare time. 

Monday, May 4, 2015/Author: Alanna Koll
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A peek at the week ahead

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Medical marijuana: where it’s been and where it’s going

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Wednesday, April 29, 2015/Author: Jason Gottesman
Categories: News and Views

PA Supreme Court sees staff leadership change

For the first time in about 15 years, the Administrative Office of the Pennsylvania Courts—the administrative arm of the Pennsylvania Supreme Court responsible for oversight and administration of all of Pennsylvania courts—will have a new administrator in July.

Wednesday, April 29, 2015/Author: Jason Gottesman
Categories: News and Views
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