Each Pennsylvania taxpayer’s financial burden equals $8,200. Read report here: 2009 Pennsylvania Financial State of the State Share and Enjoy:
(PittsburghLive.com) A familiar voice is offering conservative commentary on the state budget, but no longer as a state representative or candidate for governor. Sam Rohrer, a former Berks County representative, issued a statement this morning in his position as director of Americans for Prosperity-Pennsylvania, calling on lawmakers to save — not spend — $500 million [...]
(FT.com) The state of Pennsylvania has stepped in to help its capital city Harrisburg avoid a default by advancing next year’s state aid so that the money can be used to make a $3.3m bond interest payment due this week. On Sunday, Ed Rendell, the governor of Pennsylvania, announced a $4.3m cash transfer and said [...]
(Allentown Independent Examiner) When the current fiscal year, state budget was approved by lawmakers and signed by Democrat Governor Ed Rendell, our elected leaders ignored the fact that the budget was only balanced if the Federal government kicked in an additional $850 million, a tidy sum that might not materialize. Many citizens in the commonwealth [...]
(The Philadelphia Inquirer) Budget time in Harrisburg is never easy, but Republican lawmakers in Washington just made it more difficult. The legislature and Gov. Rendell are making progress toward balancing Pennsylvania’s budget in another year of weak tax collections. Democrats lowered their spending proposal from $29 billion – an unrealistic 4.1 percent increase over last [...]
(The Philadelphia Inquirer) It’s the first day of June, and you know what that means in Harrisburg – only 30 days until the legislature misses the deadline for approving the state budget. If that’s a cynical assessment, it’s also one with ample precedent. The seven previous annual budgets submitted by Gov. Rendell failed to receive the [...]
(Pittsburgh Post-Gazette) It looks like Harrisburg is in for another long, drawn-out budget process as the state’s 2009-10 budget deficit has swollen to more than $1 billion. The projected deficit for the fiscal year ending June 30 stood at $720 million a month ago. However, because the state collected $290 million less than anticipated in [...]
Quote from the State Employees’ Retirement System’s Financial Report: “After a five-year period of remarkably strong investment performance (a net compounded annualized return of 17.5%), SERS’ 2008 performance fell far short of the assumed return. The global economic collapse adversely affected performance of all asset classes, with negative returns in most and an overall return [...]
(Business Week) Led by Democrats eager to show they’re serious about delivering a state budget on time, the House on Tuesday approved a $29 billion state budget bill and sent it to the Senate where it is certain to face revisions by Republicans eager to rein in spending. The bill largely mirrors the budget that [...]
(Bloomberg) — Harrisburg, the capital of Pennsylvania, will consider Chapter 9 bankruptcy protection along with tax increases and asset sales as options to address $68 million in debt service payments due this year, the chairwoman of a City Council committee said last night. Every option, including tax and fee increases, bankruptcy and a state takeover [...]
