IFO: State's revenue outlook better than expected but 'deceleration' likely ahead

IFO: State's revenue outlook better than expected but 'deceleration' likely ahead

The state’s Independent Fiscal Office is estimating over $850 million more in revenue this fiscal year than initially projected, although it cautioned that many of the factors underpinning that increase are short lived.

IFO Director Matthew Knittel unveiled the updated projections at a meeting Monday, noting that the state economy performed roughly as expected but that a bump in taxes on internet revenue and strong corporate profits helped to boost the state’s revenue outlook.
Monday, May 20, 2019/Author: Andrew Bahl
Categories: News and Views
Top Republicans cheer increased tax revenue but urge putting savings into Rainy Day Fund

Top Republicans cheer increased tax revenue but urge putting savings into Rainy Day Fund

Republican leaders are touting more than $800 million in more-than-expected tax revenues as a sign the state is on the right fiscal path but cautioned Wednesday that they will be looking to plow most of that money into the rainy day fund.

 

The Department of Revenue announced Wednesday they had collected a little over $464 million in tax revenue in April, 11 percent more than projected. That brings the total General Fund revenue to $29.2 billion, $828 million more than initially expected..

Wednesday, May 1, 2019/Author: Andrew Bahl
Categories: News and Views
While funding boost for community colleges possible, lawmakers skeptical of Wolf grant proposal

While funding boost for community colleges possible, lawmakers skeptical of Wolf grant proposal

Lawmakers are expressing skepticism of a grant program proposed in Gov. Tom Wolf’s budget that would help underwrite community college tuition for students who stay in Pennsylvania, saying the proposal is presently lacking detail and the money could be better used elsewhere.

The $8 million line item, dubbed “Educate and Stay in PA,” would give one-time grants of up to $2,500 to community college students who stay and work in the state after graduation. 
Tuesday, March 5, 2019/Author: Andrew Bahl
Categories: News and Views
Majority Leader Corman: More 'reasonable' proposal needed for minimum wage hike

Majority Leader Corman: More 'reasonable' proposal needed for minimum wage hike

Senate Republicans are open to raising the state’s minimum wage, Senate Majority Leader Jake Corman (R-Centre) said Monday, with the caveat that Gov. Tom Wolf’s proposed increase to $15 an hour “is not a reasonable discussion” on the issue.

Corman’s remarks at a Pennsylvania Press Club luncheon is the latest in a series of signals that a key part of Wolf’s budget proposal will not move in a Republican-controlled General Assembly concerned about how raising the minimum wage will impact the state’s business climate.
Monday, February 25, 2019/Author: Andrew Bahl
Categories: News and Views
Wolf, legislators push plans to bolster, better educate state's workforce

Wolf, legislators push plans to bolster, better educate state's workforce

Workforce development was a popular topic at the Capitol Tuesday, as Gov. Tom Wolf signed an executive order creating a workforce command center, designed to coordinate state efforts to provide job training with the needs of private industry.

At the same time, a group of bipartisan lawmakers also announced an effort to boost the state’s career and technical education efforts as a means of bolstering its job force.
Tuesday, February 19, 2019/Author: The PLS Reporter
Categories: News and Views
RSS
12