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

Majority Leader Reed reflects on governor’s revenue proposals, appropriations process

Just under a week after Gov. Tom Wolf unveiled his budget proposal, The PLS Reporter caught up with House Majority Leader Dave Reed (R-Indiana) to see how things have settled with him and his caucus.

While still seeing the numbers put out by the governor as “extreme,” Majority Leader Reed said he sees areas where his caucus can work with the governor.

Monday, March 9, 2015/Author: Jason Gottesman
Categories: News and Views
How Gov. Wolf’s budget will impact the middle class depends on who you ask

How Gov. Wolf’s budget will impact the middle class depends on who you ask

While the annual legislative budget hearings got kicked off Monday, the Commonwealth Foundation added its voice to the budget mix by holding a news conference where it claimed Gov. Tom Wolf’s proposed budget will cost middle class families an additional $1,419.

Foundation president and CEO Matthew Brouillette said the budget proposed by Gov. Wolf will bring the Commonwealth to a grinding halt.

“It will be the very people Gov. Wolf claims he wants to help who will be harmed the most by his proposals,” he said. “The governor would require the average family of four to deal with $1,400 less in their household budgets.”

Monday, March 9, 2015/Author: Jason Gottesman
Categories: News and Views
IFO downgrades structural deficit by as much as $400 million

IFO downgrades structural deficit by as much as $400 million

The Independent Fiscal Office reported to the House Appropriations Committee Monday that the structural deficit facing budget crafters might be less than originally thought.

Asked by Chairman Bill Adolph (R-Delaware) about how increased revenues have impacted a previously reported IFO deficit estimate of $1.8 billion, Office director Matthew Knittel reported it has been reduced by $300-$400 million landing somewhere around $1.5 billion.

“We would revise it down to somewhere around $1.5 [billion] or $1.6 [billion],” he told committee members while noting it is difficult to determine the exact number due to supplemental appropriations.

Monday, March 9, 2015/Author: Jason Gottesman
Categories: News and Views
Rep. Kampf renews push for his defined contribution pension plan

Rep. Kampf renews push for his defined contribution pension plan

Rep. Warren Kampf (R-Chester) renewed his effort to bring new state and public school employees under a defined contribution pension plan with Friday’s announced introduction of House Bill 727.

“Getting this reform signed into law this year or the next two years would be groundbreaking,” he told The PLS Reporter. “I don’t consider it a first step, I consider it in and of itself a very significant reform to our public retirement system.”

Friday, March 6, 2015/Author: Jason Gottesman
Categories: News and Views
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