Independent Fiscal Office Revises FY 2019-20 Revenue Estimate Down By $3.5 Billion, $1.5 Billion Due To COVID-19 Shutdown

On June 22, the Independent Fiscal Office released its revised FY 2019-20 revenue estimate projecting a $3.5 billion decrease from its $35.5 billion estimate in June 2019.

$1.5 billion is attributable to the COVID-19 shutdown and $2 billion as the result of moving tax deadlines to July 15, which should be made up in FY 2020-21.

The IFO’s official revenue estimate for Fy 2020-21 is now $35.9 billion, an increase of $3.9 billion over the current year.  The estimate represents a decline of $127 million after adjustments for delayed due dates.

Click Here for a copy of the IFO revenue estimates.

In late May, the General Assembly passed and Gov. Wolf signed a 5 month budget which put off any hard decisions on the budget until November.  Read more here.

[Posted: June 22, 2020]