PA Independent Fiscal Office Predicts Impact Fee Revenue for 2016

IFO logoIn the past we’ve been pretty critical of the Pennsylvania Independent Fiscal Office (IFO). It claims to provide revenue projections for use in the state budget process along with “impartial and timely analysis of fiscal, economic and budgetary issues to assist Commonwealth residents and the General Assembly in their evaluation of policy decisions.” It’s been our observation the IFO is populated with partisan Democrats. However, we have to acknowledge their prediction of impact fee revenue from 2015 was spot on. Earlier this year the IFO predicted that when the dust had settled, the impact fee would generate $185.5 million (see “Independent” Fiscal Office Says PA Impact Fee Revenue Drops 17%). When the state Public Utility Commission (PUC) finally reported the actual numbers, it turned out to be $188 million (see PA PUC Releases Impact Fee Numbers: Revenue Down $36M in 2015). The IFO is back with predictions for what impact fee revenue may look like for 2016 (full copy of their report below). The IFO gives several scenarios and predicts a further slide in 2016 revenue–anywhere from $5 million less to $56 million less, depending on the scenario…

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