Gov. Wolf confident October pressure-point payments will not be missed

Gov. Wolf confident October pressure-point payments will not be missed

Gov. Tom Wolf said Wednesday that as he continues to manage the state’s fiscal situation in the absence of a budget-balancing revenue package from the General Assembly, he is confident that State Treasurer Joe Torsella will resume authorizing short-term lending to allow enough cash-on-hand to make October payments to human services providers and public schools.

Wednesday, October 11, 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
Gov. Wolf’s budget proposal would require more short-term borrowing

Gov. Wolf’s budget proposal would require more short-term borrowing

According to Executive Deputy State Treasurer and Chief Counsel Chris Craig, the budget proposal offered by Gov. Tom Wolf last week counts on an increase in short-term borrowing, likely in the form of tax anticipation notes, to front-load the disbursement of funds to provide immediate increases in funding to items such as public schools.

It was noted that while the budget proposal calls for an increase in revenues, some of those revenue streams will not become effective until 2016—a full six months following the budget’s normal effective date.

“It would be anticipated that there would be a much more aggressive use of short-term borrowing to deploy it earlier than when sales tax revenues would come in,” he told members of the House Appropriations Committee during a Tuesday budget hearing with his department.

Tuesday, March 10, 2015/Author: Jason Gottesman
Categories: News and Views
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