Noting potential credit downgrade, Gov. Wolf urges House to finish balancing the state budget

Noting potential credit downgrade, Gov. Wolf urges House to finish balancing the state budget

Gov. Tom Wolf Monday urged House Republicans to return to voting session as soon as possible to finish up balancing the state budget before the Commonwealth faces another credit downgrade.

 

“They know they’ve got to get to work and we’ve got to get the job done. I think House Republicans are aware of that, I know they are aware of that,” he said. “Standard and Poor’s is threatening a downgrade and I’m trying to hold them off, but they’re looking at what goes on here and, basically, House Republicans need to get back here and get this over the finish line.”

Monday, August 14, 2017/Author: Jason Gottesman
Categories: News and Views
With budget revenue agreement languishing, Treasury loans $750 million to General Fund

With budget revenue agreement languishing, Treasury loans $750 million to General Fund

State Treasurer Joe Torsella and Auditor General Eugene DePasquale announced Thursday that a $750 million loan has been authorized by the state Treasury to the General Fund to keep the so-called largest of the state’s checkbooks from reaching a zero balance.

Thursday, August 3, 2017/Author: Jason Gottesman
Categories: News and Views
DePasquale, Torsella warn lawmakers that internal borrowing to plug General Fund holes might be a thing of the past

DePasquale, Torsella warn lawmakers that internal borrowing to plug General Fund holes might be a thing of the past

In a letter to lawmakers dated Wednesday, Auditor General Eugene DePasquale and Treasurer Joe Torsella warmed members of the General Assembly that the “Commonwealth’s fiscal challenges” might put an end to the often-used tool of borrowing from Treasury funds to ensure the General Fund does not fall into a negative balance.

Wednesday, June 7, 2017/Author: Jason Gottesman
Categories: News and Views
PA Treasurer looks to save money through “passive” investment strategy

PA Treasurer looks to save money through “passive” investment strategy

State Treasurer Joe Torsella announced earlier this week that, in a move expected to save $195 million over 20 years, all of the Commonwealth’s $2.4 billion public equity investments will be managed through a “passive” investment strategy.

 

According to Torsella, the move will save $5 million paid in fees each year to investment managers that he says often underperform in the market and will be a step toward ending the pay-to-play culture that has existed in the Treasury and other areas of state government.

Wednesday, April 12, 2017/Author: Jason Gottesman
Categories: News and Views
Rollback of Obama-era Labor Department rule muddies PA plans to develop private retirement security plans

Rollback of Obama-era Labor Department rule muddies PA plans to develop private retirement security plans

Just this past Wednesday, the US Senate voted 50-49 to roll back an Obama-era Department of Labor rule that allows cities and counties to develop retirement security plans for private-sector employees not already benefiting from an employer-run plan.

 

A similar rollback of a rule allowing states to develop these plans has not yet been subjected to a vote in the Senate, though it has passed the US House of Representatives overwhelmingly and could be voted on at any time.

Friday, March 31, 2017/Author: Jason Gottesman
RSS
12