Treasury authorizes $1.8 billion line of credit to state's General Fund

Treasury authorizes $1.8 billion line of credit to state's General Fund

State Treasurer Joe Torsella announced Friday that he has authorized a $1.8 billion line of credit from the Treasury’s Short Term Investment Pool (STIP) to the state General Fund.

The line of credit is to be paid back on or before April 2, 2018 at a variable interest rate equal to the SiFMA Swap Index Yield, according to a statement by Treasurer Torsella. 

Friday, October 27, 2017/Author: Alanna Koll
Categories: News and Views
Treasurer Torsella extends $700 million short-term line of credit to the General Fund

Treasurer Torsella extends $700 million short-term line of credit to the General Fund

State Treasurer Joe Torsella announced Thursday afternoon that he has extended the General Fund a $700 million short-term line of credit to help deal with immediate cash-flow concerns.

Thursday, October 12, 2017/Author: Jason Gottesman
Categories: News and Views
General Fund exhausts Treasury’s $750 million loan

General Fund exhausts Treasury’s $750 million loan

State Treasurer Joe Torsella announced Wednesday afternoon that the General Fund—the state’s so-called largest checkbook—has exhausted a $750 million loan Treasury issued earlier this month from its Short Term Investment Pool to keep the fund above a zero balance.

 

The loan, which was released in full on Tuesday, must be paid back by next Wednesday.

Wednesday, August 16, 2017/Author: Jason Gottesman
Categories: News and Views
Gov. Wolf, Torsella repeat call for state pension boards to reduce fees, move to more passive investment strategy

Gov. Wolf, Torsella repeat call for state pension boards to reduce fees, move to more passive investment strategy

Gov. Tom Wolf and Treasurer Joe Torsella Monday doubled-down on their call for the State Employees’ Retirement System and the Public School Employees’ Retirement System to reduce their management fees, move to a more passive investment model, and increase savings opportunities.

 

The call comes on the heels of the Wolf administration combining three funds into one Treasury-managed fund and the Treasury putting all public equity investments into a passive investment model and an April 13 letter to the systems encouraging to adopt similar reforms.

Monday, April 24, 2017/Author: Jason Gottesman
Categories: News and Views
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