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Harrisburg, PA — Treasurer Stacy Garrity today announced that $737 million has been added to Pennsylvania’s Rainy Day Fund. The transfer was authorized earlier this year as part of the state budget for Fiscal Year 2024-25.
“When I took office, we had one of the worst reserve funds in the country – the Rainy Day Fund was so small that it would barely cover the Commonwealth’s bills for two days. Now, thanks to four consecutive years of smart decisions by the General Assembly to bolster our savings, we’re well above the national median,” said Treasurer Garrity. “Building and maintaining the Rainy Day Fund are integral to responsible state budgeting, and I applaud the General Assembly and Governor Shapiro for prioritizing our state’s future.”
Following the deposit of $736,898,803.01, the Rainy Day Fund’s balance has reached a record high of $7.04 billion. That’s enough to cover General Fund expenses for approximately 53.6 days, well above the national median of 46.0 days.
In November, Treasurer Garrity announced that the Treasury Department created a new investment pool dedicated exclusively to the Rainy Day Fund. The new pool is creating greater investment returns for the fund while maintaining necessary liquidity.
The Rainy Day Fund, formally known as the Budget Stabilization Reserve Fund, serves as a safety net for state spending, alleviating pressure to raise taxes or cut discretionary program spending during an economic downturn.
Information provided to TVL by:
Samantha Heckel
STACY GARRITY, STATE TREASURER
