PA to Make Historic Deposit into Rainy Day Fund
For the second year in a row, Pennsylvania is making a deposit into its Rainy Day fund, which is essentially the state's savings account. This year’s deposit is much larger though.
Governor Tom Wolf, standing with Lieutenant Governor John Fetterman and state Treasurer Joe Torsella, said the state would be making a deposit of almost 317 million dollars into the Rainy Day Fund. That's the largest deposit in almost 20 years. Last year, the state deposited 22 million dollars, which was the first deposit of any money into the Rainy Day Fund in nearly a decade. Governor Wolf says it’s important to make build savings now in case of an emergency in the future.
"No one knows, and I certainly don’t know, what the future holds for the American economy. And even with the best decision making, there is always a risk that we’re going to have another recession. So we need to build up our reserve when times are good like they are right now," Governor Wolf explains.
"I think it's a testament to the investments Governor Wolf has made during his administration, I think it's a testament to the bipartisan spirit that he fosters through his leadership, to getting Pennsylvania not back on the right path, but to actually flourishing," Lieutenant Governor Fetterman added.
The deposit will be made at some point before the end of the first fiscal quarter, which is the end of September.