DePasquale, Torsella warn lawmakers that internal borrowing to plug General Fund holes might be a thing of the past

DePasquale, Torsella warn lawmakers that internal borrowing to plug General Fund holes might be a thing of the past

In a letter to lawmakers dated Wednesday, Auditor General Eugene DePasquale and Treasurer Joe Torsella warmed members of the General Assembly that the “Commonwealth’s fiscal challenges” might put an end to the often-used tool of borrowing from Treasury funds to ensure the General Fund does not fall into a negative balance.

Wednesday, June 7, 2017/Author: Jason Gottesman
Categories: News and Views
PA Treasurer looks to save money through “passive” investment strategy

PA Treasurer looks to save money through “passive” investment strategy

State Treasurer Joe Torsella announced earlier this week that, in a move expected to save $195 million over 20 years, all of the Commonwealth’s $2.4 billion public equity investments will be managed through a “passive” investment strategy.

 

According to Torsella, the move will save $5 million paid in fees each year to investment managers that he says often underperform in the market and will be a step toward ending the pay-to-play culture that has existed in the Treasury and other areas of state government.

Wednesday, April 12, 2017/Author: Jason Gottesman
Categories: News and Views
Rollback of Obama-era Labor Department rule muddies PA plans to develop private retirement security plans

Rollback of Obama-era Labor Department rule muddies PA plans to develop private retirement security plans

Just this past Wednesday, the US Senate voted 50-49 to roll back an Obama-era Department of Labor rule that allows cities and counties to develop retirement security plans for private-sector employees not already benefiting from an employer-run plan.

 

A similar rollback of a rule allowing states to develop these plans has not yet been subjected to a vote in the Senate, though it has passed the US House of Representatives overwhelmingly and could be voted on at any time.

Friday, March 31, 2017/Author: Jason Gottesman
Budget hearings begin in era of “new normal”

Budget hearings begin in era of “new normal”

The legislature Tuesday began its three-week slate of budget hearings in what one ranking Appropriations Committee member called an era of “new normal.”

 

The budget hearing process, undertaken by the Appropriations Committee in the House and Senate, traditionally takes place in the period following the governor’s budget address and before the run-up to the enactment of the state budget in early summer.

Tuesday, February 21, 2017/Author: Jason Gottesman
Categories: News and Views
PA row officers take oath of office

PA row officers take oath of office

Two new and one reelected Pennsylvania row officers took the oath of office Tuesday, officially beginning their terms.

Tuesday, January 17, 2017/Author: Jason Gottesman
Categories: News and Views
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