For nearly a decade, Pennsylvania’s Rainy Day Fund has remained in a dry spell. The fund did not even hold enough resources to run the state for a full day. Today, Governor Wolf announced a $22 million deposit into the Rainy Day Fund, giving the fund the resources it needs to be a reliable source of money for Pennsylvania.
According to the Philadelphia Business Journal:
“Now for the first time in nearly 10 years, Pennsylvania is depositing money into the budget stabilization fund – a step both the state leader and outside experts are calling significant.”
“This deposit into the Rainy Day Fund helps stabilize our budget for the first time in nearly a decade and exceeds some pre-budget estimates that the fund would receive $14 million,” Governor Wolf said. “I am pleased to say that Pennsylvania is today better equipped for fiscal stability than it has been in the past.”
The Governor outlined the savings initiatives that his administration has launched over the past three and a half years to make this deposit possible. For example, the launch GO-TIME, the Governor’s Office Of Transparency, Innovation, Management, and Efficiency, introduced more cost-saving measures and made procurement more efficient, which in turn led to over $100 million in annual savings.
Due to the efforts made by Governor Wolf to reduce the size of the state’s workforce complement to the lowest level in decades, downsize facilities, consolidate agencies, and merge HR and IT across all state agencies, he has turned what was once a $2.4 billion deficit into a surplus.
The Governor also introduced more cost-saving measures that will contribute to the positive growth of Pennsylvania’s fiscal health, such as streamlining the commonwealth mailing process, implementing a first-of-its-kind Department of Corrections inmate management system, and instituting LEAN trainings to help employees find savings and work more efficiently to solve problems.