Gov. Wolf pumps the brakes on PLCB borrowing effort as CFA moves forward with $1.5 billion monetization of Tobacco Settlement Fund dollars

Gov. Wolf pumps the brakes on PLCB borrowing effort as CFA moves forward with $1.5 billion monetization of Tobacco Settlement Fund dollars

The Commonwealth Financing Authority board on Tuesday unanimously adopted a resolution granting authority for staff to move forward with either a bond or sale of future revenues headed to the state’s Tobacco Settlement Fund in an amount not to exceed $1.5 billion.

 

That action, according to the Wolf administration, has allowed the governor to put the brakes on his pursuit of seeking $1.25 billion in up-front monetization of future General Fund transfers from the Pennsylvania Liquor Control Board.

Tuesday, November 14, 2017/Author: Jason Gottesman
Categories: News and Views
Senate committees explore health and solvency of the state Lottery Fund

Senate committees explore health and solvency of the state Lottery Fund

The Senate Finance and Aging & Youth Committees held a joint hearing Tuesday to discuss the solvency and future of the Pennsylvania lottery fund and the millions of older residents that it supports. 

Although the state Lottery has generated more than $1 billion in proceeds per year for the past five fiscal years, Executive Director of the Lottery, Drew Svitko, said current sales are $123 million, or 3.9 percent, behind the same point last fiscal year. 

Tuesday, April 18, 2017/Author: Alanna Koll
Categories: News and Views
A continuing trend: February state budget revenues come in below estimate

A continuing trend: February state budget revenues come in below estimate

Revenue figures released by the Pennsylvania Department of Revenue Wednesday evening continue to cast a pessimistic light on those hoping General Fund revenues will perk up to help balance the current and coming years’ state budgets.

Thursday, March 2, 2017/Author: Jason Gottesman
Categories: News and Views
A closer look: Gov. Wolf proposes 6.5 percent severance tax in budget proposal

A closer look: Gov. Wolf proposes 6.5 percent severance tax in budget proposal

As part of his $32.3 billion spending plan for FY 2017-2018, Gov. Tom Wolf is counting on nearly $294 million from a 6.5 severance tax on natural gas extracts, less an impact fee credit.

 

What will it look like and how is it being received?

Thursday, February 9, 2017/Author: Jason Gottesman
Categories: News and Views
A deeper dive: Gov. Wolf counts on nearly $2.1 billion in executive branch savings in proposed budget

A deeper dive: Gov. Wolf counts on nearly $2.1 billion in executive branch savings in proposed budget

While Gov. Tom Wolf was not hiding the fact that he was planning on agency consolidations, complement capping, and other efficiencies in the executive branch, the burning question around the Capitol since the beginning of the year was how much would the governor try to save through these efforts and how would he get it done.

 

In unveiling his $32.3 billion budget Tuesday before a Joint Session of the Pennsylvania General Assembly Tuesday, that question was answered.

Tuesday, February 7, 2017/Author: Jason Gottesman
Categories: News and Views
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