State Budget
Deficit Watch: June 2025
Lawmakers must protect the Rainy Day Fund. Background Pennsylvania faces serious fiscal challenges. The enacted 2024–25 General Fund budget created a $3.6 billion structural deficit. Gov. Josh Shapiro’s 2025–26…
Deficit Watch
Read More: Deficit Watch: June 2025State Budget
The Rainy Day Fund
Summary The Budget Stabilization Reserve Fund, commonly referred to as the Rainy Day Fund, is Pennsylvania’s largest budgetary reserve fund. Pennsylvania law dictates that lawmakers may only draw from the…
Fact Sheet
Read More: The Rainy Day FundState Budget
Shapiro’s Structural Deficit
Summary Gov. Josh Shapiro proposed a $48.3 billion 2024–25 General Fund budget, a $3 billion or 7.1 percent spending increase compared to last year’s ongoing general fund spending. The proposal…
Fact Sheet
Read More: Shapiro’s Structural DeficitRegulation
State Law, Financial Experts, and the Governor Himself Condemn Budget Plan to Raid Rainy Day Fund
Harrisburg, Pa., February 19, 2024 — Pennsylvania significantly improved its fiscal standing over the last few years by making deposits into the Rainy Day Fund. Pennsylvania has gone from among the…
Press Release
Read More: State Law, Financial Experts, and the Governor Himself Condemn Budget Plan to Raid Rainy Day FundState Budget
Takeaways from the (Mostly) Finalized 2023–24 Pennsylvania State Budget
Overview With the passage of Fiscal Code and School Code bills in December, work on the 2023–24 Pennsylvania state budget ended mostly done, six months late. The budget is as…
Fact Sheet
Read More: Takeaways from the (Mostly) Finalized 2023–24 Pennsylvania State BudgetState Budget
Moving Toward a Better Budget Process
Pennsylvania received a bit of good news from Fitch Ratings last week, as the agency affirmed the commonwealth’s credit rating. However, the state’s outlook remains negative. A downgrade is…
Media
Read More: Moving Toward a Better Budget ProcessState Budget
Tax Hikes Won’t Prevent Credit Downgrades
In July, S&P placed Pennsylvania on a negative credit watch, citing budget uncertainties. The move signaled a potential credit rating downgrade for Pennsylvania, which Governor Wolf is using to push for higher taxes.
Media
Read More: Tax Hikes Won’t Prevent Credit DowngradesPublic Union Democracy
Our Collision Course with Pa.’s Pension Iceberg
As Pennsylvania continues approaching the public pension iceberg at full speed, how can we avoid a collision? Simply put, through reforms that mirror steps taken by the private sector years…
Commentary
Read More: Our Collision Course with Pa.’s Pension Iceberg
Beneath the Surface: The Pennsylvania Public Pension Saga–Ten Years Later
Pennsylvania government employee-benefit plans operate in a vacuum. In a world where private-sector benefit cutbacks and cost reductions occur on a daily basis, state government in Harrisburg has not responded…
Memo
Read More: Beneath the Surface: The Pennsylvania Public Pension Saga–Ten Years Later