Tuesday, January 30, 2018

Independent Fiscal Office Revises FY 2017-18 Revenue Estimate Upward By $35 Million

The Independent Fiscal Office Monday said it has revised the FY 2017-18 revenue estimate upward by $35 million and increased the preliminary FY 2018-19 estimate by about $210 million from December due in part to an improved state economy and the impact of the federal tax cuts.
Matthew Knittel, IFO Executive Director, said they still assume all the special fund transfers required in the budget agreement will happen and are not blocked by court action.  A $200 million transfer from the PA Professional Liability Joint Underwriting Association FUnd is now the subject of a lawsuit opposing the transfer.  
The IFO also anticipated a total of $175 million from the mini-casino auctions saying they believe there are only 5 viable markets for mini-casinos in the state, not the 10 authorized by the gaming expansion bill passed last year.
The IFO did not update its numbers on projected state expenditures from its December report.
Gov. Wolf releases his budget proposal February 6 that will include his version of revenue and expenditure estimates.
Click Here for a copy of the IFO’s revenue estimates report.
Meyer: IFO: Federal Tax Breaks Might Mean Good News For PA’s Bottom Line

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