|Posted:||May 6, 2015 11:18 AM|
|From:||Senator Sean Wiley|
|To:||All Senate members|
|Subject:||Governor's Budget Package Legislation Regarding the Pay for Success Program|
|In the near future I will be introducing legislation on behalf of the Governor that is included in the 2015-16 fiscal year budget establishing the Pay for Success Program.
Decades of research have demonstrated that public investment can improve the lives of Pennsylvanians while simultaneously strengthening the state’s bottom line. Pay for Success performance contracts - also known as “Social Impact Bonds” - provide an innovative strategy to finance these proven programs. Pay for Success contracts are rigorous, binding agreements based on a straightforward proposition: taxpayers will only pay for services that actually get results and save money in the long run. The strategy enables the Commonwealth to fund programs and services that improve economic opportunity, health, and safety that it otherwise might not be able to afford in the short term, and it requires strict limitations based on which programs have a strong evidence base and record of effectiveness.
Pay for Success projects on homelessness, early childhood education, and recidivism are currently underway in six states, counties, and cities across the country, and many more are in development.
This legislation enables Pennsylvania to enter into Pay for Success contracts in five high-priority areas:
I hope that you will join me by co-sponsoring this legislation.
Introduced as SB115