Crisci Associates

Independent Fiscal Office Projects $530 Million Deficit In 2013-14 Budget, 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.

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