January 26, 2017

IFO: State Budget Deficit Legislators Need To Make Up Could Be As High As $3 Billion

The Independent Fiscal Office late Wednesday released its revised revenue estimate which says state legislators and Gov. Wolf may need to deal with a deficit of as much as $2.9 billion in the current and next fiscal year.
The IFO said the deficit for FY 2016-17 is now estimated to be as much as $912 million— $524 million, with the potential for an additional $388 million shortfall due to supplementary appropriations needs by the Department of Human Services.
The estimated deficit for FY 2017-17 is now just over $2 billion— $1.75 billion projected in November, plus another $334 million.
Click Here for the full IFO revenue estimate report.  Click Here for a copy of the IFO presentation.
NewsClip:
Independent Report Shows PA Revenues Down Yet Again