Governor Tom Wolf was joined by local leaders to highlight the Commonwealth of Pennsylvania’s strong finances and call for major investments to give Pennsylvania families, workers and businesses a brighter future.
“The commonwealth of Pennsylvania is in a strong financial position right now. That’s why it’s so important for us to use this opportunity to help Pennsylvanians,” said Gov. Wolf. “People all across the commonwealth are still recovering from the upheaval of the COVID-19 pandemic. Inflation is high, and everything from groceries to gas is a little more expensive than it used to be.
“More than ever before, this is the time to invest in helping our people get back on their feet. That’s why I’m calling for action, and for major investments to make life a little bit easier for all Pennsylvanians.”
Over the past seven years, the Wolf Administration has righted Pennsylvania’s shaky finances through sound fiscal management and smart investments.
When Gov. Wolf took office, Pennsylvania was operating with a $2-3 billion structural deficit, and the Rainy Day Fund had fallen to a mere $231,800.
Today, the Rainy Day Fund contains $2.8 billion to protect Pennsylvania against future emergencies, and Gov. Wolf is expected to transition a multi-billion dollar budget surplus to the next administration. Gov. Wolf will be the first governor to leave office with a budget surplus since Governor Dick Thornburgh in 1987.
The governor’s budget plan is balanced based on available, recurring General Fund revenues. In Pennsylvania, the past seven years have shown a steady tax revenue increase of $1.3 billion to $1.4 billion a year, and revenues continue to show healthy growth.
On Tuesday the Department of Revenue released its February 2022 collections, which were 6.8 percent more than anticipated. Fiscal year-to-date General Fund collections total $28.6 billion, which is $2 billion, or 7.5 percent, above estimate.
“My plan to invest in the people of Pennsylvania is both bold and responsible,” said Gov. Wolf. “Contrary to what you may hear from fiscal scaremongers, my plan only relies on available, recurring revenue – not one-time funding sources. Even if my plan is followed exactly, Pennsylvania will still have a more than$3 billion surplus at the end of the year, above and beyond the $2.8 billion that will remain in the Rainy Day Fund.”
Gov. Wolf’s plan for 2022-23 calls for major investments in our schools, our workforce, our economy, and more.
Gov. Wolf has made education a top priority throughout his administration, including historic investments in our schools and our students. This plan builds on that strong foundation with an additional $1.9 billion to benefit students from pre-k through college, including …….