Pennsylvania Treasurer Stacy Garrity commended the General Assembly for taking action to add nearly $900 million to the state’s Rainy Day Fund. House Bill 735, approved unanimously by the House and Senate, authorizes the deposit by clarifying the definition of “surplus” in the law governing the Rainy Day Fund.
“Continuing to build our state’s Rainy Day Fund is a smart, prudent way to plan for the future. I applaud the General Assembly and the Governor for this substantial deposit, which will strengthen Pennsylvania’s fiscal outlook. With this additional $900 million, our Rainy Day Fund will surpass $6 billion – putting our state above the national median,” said Treasurer Garrity.
Treasurer Garrity said the $898.3 million deposit will be made within one business day after Treasury receives a requisition from the Governor’s Office of the Budget. The balance of the state’s reserves will jump to more than $6.1 billion from the current $5.218 billion. That’s enough money for the Commonwealth to run for more than 48 days, above the national median of 44.5 days.
“Defining ‘surplus’ more clearly benefits Pennsylvania taxpayers by eliminating any questions about the intent of the Rainy Day Fund law. It also conforms to historic practice in the Commonwealth,” said Garrity.
Source: pennwatch.org
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Categories: Pennsylvania, Government & Policy