Save it for a rainy day: As lawmakers look to save the surplus, some say it’s already raining

Save it for a rainy day: As lawmakers look to save the surplus, some say it’s already raining

Ever since updated revenue figures showing a positive balance were released this spring, Pennsylvania lawmakers have been clamoring to put as much of the state surplus as they can into the Rainy Day Fund. 

The fund, which serves as a state coffer for economic downturns and emergencies, has one of the lowest totals in the country, leaving Pennsylvania vulnerable in the event of a natural disaster or recession. 
Wednesday, June 26, 2019/Author: Justin Sweitzer
Categories: News and Views
House lawmakers unveil $33.9 billion budget proposal

House lawmakers unveil $33.9 billion budget proposal

After a series of closed-door negotiations, House lawmakers have unveiled a $33.997 billion spending plan for the 2019-2020 fiscal year that would impose no new taxes and send over $250 million to the state’s Rainy Day Fund.

 

The proposed budget — amended into House Bill 790 — was revealed in a House Appropriations Committee meeting on Monday and includes funding increases for public education, agriculture and school safety.

Monday, June 24, 2019/Author: Justin Sweitzer
Categories: News and Views
VIDEO: Saylor announces $34 billion budget plan

VIDEO: Saylor announces $34 billion budget plan

House Majority Appropriations Chairman Stan Saylor (R-York) announced a $33.997 billion budget proposal during Monday afternoon's Appropriations meeting. 

Find out where money will be spent and what Minority House Appropriations Chair Matt Bradford (D-Montgomery) had to say. 

Monday, June 24, 2019/Author: Kara Barmoy
Categories: Video
Top Republicans cheer increased tax revenue but urge putting savings into Rainy Day Fund

Top Republicans cheer increased tax revenue but urge putting savings into Rainy Day Fund

Republican leaders are touting more than $800 million in more-than-expected tax revenues as a sign the state is on the right fiscal path but cautioned Wednesday that they will be looking to plow most of that money into the rainy day fund.

 

The Department of Revenue announced Wednesday they had collected a little over $464 million in tax revenue in April, 11 percent more than projected. That brings the total General Fund revenue to $29.2 billion, $828 million more than initially expected..

Wednesday, May 1, 2019/Author: Andrew Bahl
Categories: News and Views
IFO predicts nearly $2 billion budget hole for next year, complicating budget picture

IFO predicts nearly $2 billion budget hole for next year, complicating budget picture

The Independent Fiscal Office latest numbers project a $1.7 billion deficit, a report that new Democratic fiscal chief Rep. Matt Bradford (D-Montgomery) would have preferred not to have seen.

“I only read good news,” he joked.

But the Minority Appropriations Committee Chair will likely be hearing a lot about that total over the next few months, as the General Assembly turns the page from the smooth election year budgeting of this year to 2019.

Wednesday, December 5, 2018/Author: Stephen Caruso
Categories: News and Views
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