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
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
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