The Independent Fiscal Office (IFO) reported that the commonwealth ended the fiscal year with a revenue shortfall of $3.2 billion. Pennsylvania’s 2019-20 fiscal year ended with the same type of poor financial news that marked the last quarter of the year due to the COVID-19 outbreak as well as the policies implemented to address it. The commonwealth collected $32.28 billion for FY 2019-20, a decline of $2.58 billion (-7.4 percent) from the prior fiscal year. The IFO projects that business closures and mitigation efforts related to the COVID-19 virus resulted in $1.36 billion in lost revenue from reduced economic activity and $1.91 billion that shifts to FY 2020-21 because of extended tax due dates. Click here to read the IFOs complete report.
