I remain concerned that any adopted budget be truly and sustainably balanced. Treasury has had to lend larger and larger amounts over increasingly frequent periods, to the Commonwealth simply to fund operating expenses. As the ratings agencies have noted, such reliance on short-term borrowing to fund operations is unhealthy, and evidence of a structural deficit.
Successfully addressing our challenges will require the commitment and input of citizens, stakeholders and leaders across the political spectrum, and Treasury is eager to work with both the General Assembly and the Governor."
Media Contact: Debra S. Tingley, APR, (717) 787-2991 or firstname.lastname@example.org
The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue. To learn more visit patreasury.gov.
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SOURCE Pennsylvania Treasury