The Pennsylvania Treasury switched investment strategies this week to grow the state’s emergency savings account.
The change of course comes after three years of hefty deposits from the General Assemby in what’s known as the Rainy Day Fund – a $6.1 billion account meant to sustain operations during economic downturns. Since 2021, the balance has increased 25-fold, taking the state’s ability to fund the government from two days to 48 days.
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Pennsylvania’s rainy day fund will receive a big deposit after lawmakers settled a dispute with the governor’s administration this week over the definition of “surplus.”
State Treasurer Stacy Garrity said the $898 million contribution into the account, which helps agencies and programs withstand economic downturns, will keep the government operational for 48 days before running out of money – 3.5 days above the national median.
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Pennsylvania’s treasury holds about $4.5 billion in unclaimed property for residents, businesses and local governments.
Recent efforts, however, have seen more of that get returned as the treasurer announced $274 million was returned in the last fiscal year – a single-year record.
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High-ranking Republican Pennsylvania officials sounded off on Wednesday in the state Capitol Building against Governor Josh Shapiro’s budget legislation which would deplete state reserve funds in five years.
Pennsylvania Treasurer Stacy Garrity (R) and House Appropriations Minority Chair Seth Grove (R-York) observed that the scenario is rather sunny insofar as the Democratic governor’s projections don’t account for a potential recession. Shapiro’s calculations also assume government spending won’t surpass 2.36 percent in the next five years, a supposition so rosy it provoked Grove to snicker slightly.
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At the Pennsylvania Leadership Conference this weekend, a straw poll of right-leaning activists from across the Keystone State found election integrity tops their public concerns.
Cybersecurity Association of Pennsylvania President Scott R. Davis, who administered the survey, told attendees at the Penn Harris Hotel west of Harrisburg that 38 percent of those who voted called election integrity the foremost issue facing the state General Assembly. Trailing that topic were the state budget (28 percent) and gun laws (six percent). Eleven percent chose another issue.
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