Pennsylvania Business Report

Credit: Gov. Josh Shapiro's office

Independent Fiscal Office projects depletion of General Fund surplus

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By Kim Riley  |  July 19, 2024

Pennsylvania’s General Fund surplus of $6.6 billion will likely be depleted before the end of the next fiscal year, according to research released July 18 by the state’s Independent Fiscal Office (IFO). The IFO, which publishes an annual five-year projection of General Fund revenues and expenditures each November, projected General Fund operating deficits of -$624 million for fiscal year 2023-2024, -$2.0 billion (FY 2024-2025), and -$3.0 billion (FY 2025-2026) for November 2023. “Tho...

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