Independent Fiscal Office Projects $530 Million Deficit Now, More Next Year

Independent Fiscal Office Director Matthew Knittel Thursday announced the release of an updated long-term economic and budget outlook.  It also includes a detailed section on the Marcellus Shale natural gas industry in Pennsylvania.

The IFO projects a $530 million deficit in the 2013-14 fiscal year, a $839 million deficit in 2014-15, and a $1.2 billion deficit in FY 2015-16 increasing to $2 billion in FY 2018-19 if revenue and expenditure policies remain the same.

The report, entitled Pennsylvania’s Economic & Budget Outlook: Fiscal Years 2013-14 to 2018-19, provides data and analysis that policymakers and residents can use to assess the sustainability of current tax and spending policies.

Click Here for a PowerPoint presentation.  Click Here for the full report.

NewsClips:

House Vote On Transportation Funding Could Come Monday

Legislative Leaders Will Call For Transportation Funding Vote

Transportation Funding Bill May Get House Vote Next Week

Time Short To Approve Transit Bill, Experts Say

Transportation Funding Hinges On Construction Workers’ Pay

Transportation Funding Bill In Jeopardy

Op-Ed: All Aboard Transit Bill


11/18/2013

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