State To Make A Deposit In Its Rainy Day Fund

Pennsylvania had a surplus of more than $800 milllion in the fiscal year that came to close on June 30th. And, some of that money is being deposited into the state’s rainy day fund. Governor Tom Wolf says the state will be making a deposit of about $317 million into its rainy day fund this year. That will bring the fund’s balance to about $340 million which is enough to keep state government operating for about 4 days in the event of an economic downturn or disaster. The governor called that “pathetic” but says it is better than a couple hours which is where the state used to be.