Pennsylvania’s Independent Fiscal Office has unveiled its latest economic and budgetary projection and analysts say the numbers don’t look good. The report shows state revenue is expected to fall short of spending over the next five years. It also estimates that Pennsylvania’s six-billion-dollar rainy day fund would be drained by the fiscal year that starts in 2028. The revenue decrease reportedly would be due to a shrinking population of working-age people, reductions in corporate income taxes and growing costs for caring for an aging population.
