From PA INDEPENDENT:
Pennsylvania is expected to end the year with a $500 million budget shortfall, but employment prospects are looking up, according to the head of state’s new Independent Fiscal Office.
Matthew Knittle, the former financial analyst for the U.S. Department of the Treasury who was tapped in September to be the first director of the new office, said the state should not expect to see a “spring surprise” in tax revenue. A similar boost occurred during the final three months of last fiscal year, leaving Pennsylvania with more than $500 million in unexpected revenue….
Established last year, the Independent Fiscal Office provides revenue estimates in May and June of each year to help guide lawmakers in crafting budget proposals. It will act as a counter-balance to the governor’s Budget Office, which had been the sole source of financial and budgetary projections for state government…
Click here to read the full article.
