PENNSYLVANIA — Pennsylvania Governor Tom Wolf announced that Pennsylvania’s Rainy Day Fund has reached a record high of nearly $5 billion. The Wolf Administration oversaw a $2.1 billion deposit into the Rainy Day Fund, nearly doubling the size of Pennsylvania’s emergency preparedness fund with a single deposit. This investment in the Rainy Day Fund was the second largest in Pennsylvania history. Gov. Wolf oversaw the largest deposit ever just last year – $2.6 billion dollars.
When Gov. Wolf took office, the Rainy Day Fund had fallen to a mere $231,800 and could only fund a few minutes’ worth of Pennsylvania’s operating budget in an emergency. “Over the past seven years, my administration has righted Pennsylvania’s shaky finances through sound fiscal management,” said Gov. Wolf.
“Today, Pennsylvania has nearly $5 billion in emergency savings, a growing economy and a strong fiscal foundation for the future. My administration made historic investments in the people of Pennsylvania in this budget, and even after all of those investments were accounted for, we ended the fiscal year with $5.537 billion in the General Fund – that’s above and beyond the money in our Rainy Day Fund.
“For our commonwealth to grow and succeed, it’s critical that we invest in the people of Pennsylvania. By getting Pennsylvania’s finances in order and investing in the things that make a difference to Pennsylvanians – including higher-quality education, better-paying jobs and safer communities – my administration is putting our commonwealth on the path to a brighter future.”
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.