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04/19/2021 05:22 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20210&cosponId=32851
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House of Representatives
Session of 2021 - 2022 Regular Session

MEMORANDUM

Posted: December 2, 2020 10:37 AM
From: Representative Seth M. Grove
To: All House members
Subject: General Fund Liquidity
 
This legislation amends the Administrative Code to provide liquidity to the General Fund.

As you know, the General Fund is the main account for the Commonwealth which provides critical services to Pennsylvania resident.  When the General Fund hits a zero balance we cannot pay our bills.  Traditionally the Treasurer will issue utilize a debt instrument to inject liquidity into the General Fund.  This increases costs to taxpayers as the debt interest is a new and increasing cost.

The current debt instrument has been borrowing from the multitude of special funds the General Assembly has created over decades.  This practice alone is a cause of General Fund negative balances.

This legislation would correct the poor financial practices of the past by placing several special funds back into the general fund along with their funding streams to lower the costs for taxpayers and improve our financial position.

Please join me and cosponsor this legislation.
 



Introduced as HB255