Senate Republicans are applauding a recent transfer of nearly $900 million into the state’s Rainy Day Fund that took place on Friday, which aims to strengthen the Commonwealth’s future financial position.
The transfer of $898,318,962 was based on a current law that mandates 10 percent of a budget surplus be moved into the Rainy Day Fund. It also marks the third-largest transfer in state history.
Senate Majority Leader Joe Pittman said in a statement that he was pleased with the legislation that codified the definition of surplus, which was a factor in allowing the transfer to take place. He said quote, “Respecting taxpayers and working to achieve fiscal responsibility for our state have always been a primary focus for the Senate Republican Caucus.” He also commended Treasurer Stacy Garrity for her efforts in the transfer of funds.
Recent transfers have improved Pennsylvania’s financial state, taking it from just under $500,000 in 2018 to more than $6.1 billion this year.
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