A September 30th deadline looms in resolving Rainy Day Fund issues as work continues on the Pennsylvania state budget for Fiscal Year 2023-24.
That date marks the end of the third fiscal quarter when a deposit is made in the Rainy Day Fund. The fund is a safeguard that allows the state to set aside surplus money for future shortfalls. The September 30th date is based on a 20-year-old state law. The transfer could be 500-million-dollars, as budget negotiators reportedly intended last June, or it could climb to an estimated 900-million. The amount deposited will depend on the passage of the Fiscal Code and related bills that are part of the budget package.
A legislative official says the size of the transfer could have an impact on future budgets.
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