Pennsylvania’s State Treasurer authorized another line of credit to the Pennsylvania General Fund. Treasurer Joe Torsella enabled a $1.8 billion line of credit from the Treasury’s Short Term Investment Pool (STIP) to help the Commonwealth’s spending while the recently agreed to revenue comes into the General Fund.
Last month, Torsella indicated he would not continue to loan money without a balanced budget, but the line of credit is expected to be repaid in full by April 2, 2018. Subsequently, Governor Tom Wolf signed the handful of budget related bills, signing the Fiscal Code, Tax Code, Administrative Code, Gaming expansion bill and Capital Budget bill.
All eyes remain on the Public School Code, which, rumor has it, will be vetoed by the Governor. Much of the remaining financial details will be played out at the next Commonwealth Financing Authority meeting Tuesday, November 14th.
Governor Wolf indicated to the crowd at a recent Pennsylvania Press Club event that he will determine whether to pursue his plan to borrow $1.25 billion against the state’s Liquor Control Board revenue to help pay the $1.5 billion deficit left from the prior fiscal year.
Greenlee Partners, LLC