{"id":125490,"date":"2023-11-28T20:39:44","date_gmt":"2023-11-29T01:39:44","guid":{"rendered":"https:\/\/www.thevalleyledger.com\/?p=125490"},"modified":"2023-11-28T20:39:44","modified_gmt":"2023-11-29T01:39:44","slug":"treasurer-stacy-garrity-announces-investment-improvements-for-the-rainy-day-fund","status":"publish","type":"post","link":"https:\/\/thevalleyledger.com\/?p=125490","title":{"rendered":"Treasurer Stacy Garrity Announces Investment Improvements for the Rainy Day Fund"},"content":{"rendered":"

Harrisburg, PA\u00a0<\/strong>\u2014 Treasurer Stacy Garrity today announced that the Pennsylvania Treasury Department has created a new investment pool dedicated exclusively to the Rainy Day Fund. The new pool is designed to create greater investment returns while maintaining necessary liquidity.<\/p>\n

\u201cThe General Assembly has done an outstanding job of adding to Pennsylvania\u2019s Rainy Day Fund over the past three years,\u201d Treasurer Garrity said. \u201cNow, with $6.1 billion saved for the future, it makes good sense to implement a new investment strategy. Creating this stand-alone investment pool allows us to build an even stronger financial foundation for our Commonwealth.\u201d<\/p>\n

In January 2021, the Rainy Day Fund balance was $240 million, which was only enough to operate the state for about two days. Since then, three major deposits have bolstered Pennsylvania\u2019s reserves:\u00a0$2.6 billion in September 2021<\/a>,\u00a0$2.1 billion in September 2022<\/a>, and\u00a0$900 million in November 2023<\/a>. Assets now total more than $6.1 billion \u2013 enough to keep the state running for more than 48 days, above the national median of 44.5 days.<\/p>\n

The new pool will invest in Treasury\u2019s Consolidated Cash Pool, U.S. Treasury and federal agency securities, investment-grade corporate bonds and other fixed-income securities, all with maturities of less than three years.<\/p>\n

Prior to this change, the Rainy Day Fund was invested in Treasury\u2019s Liquid Asset Pool (formerly known as the Short-Term Investment Pool), which is much like a money market fund with investments limited to short-duration fixed-income assets like certificates of deposit, commercial paper, and other highly liquid instruments.<\/p>\n

The strength of the Commonwealth\u2019s reserves contributed to\u00a0Moody\u2019s recent Rating Action<\/a>\u00a0which upgraded the outlook for Pennsylvania from stable to positive, while maintaining Pennsylvania\u2019s Aa3 rating.<\/p>\n

Information provided to TVL by:
\nSamantha Heckel<\/p>\n

 <\/p>\n

\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Harrisburg, PA\u00a0\u2014 Treasurer Stacy Garrity today announced that the Pennsylvania Treasury Department has created a new investment pool dedicated exclusively to the Rainy Day Fund. The new pool is designed to create greater investment returns while maintaining necessary liquidity. \u201cThe General Assembly has done an outstanding job of adding to Pennsylvania\u2019s Rainy Day Fund over … Continue reading Treasurer Stacy Garrity Announces Investment Improvements for the Rainy Day Fund<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":120734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[482],"tags":[],"class_list":["post-125490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release-2"],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/thevalleyledger.com\/wp-content\/uploads\/2023\/07\/Pennsylvania-Treasury.jpg?fit=672%2C372&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/125490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125490"}],"version-history":[{"count":0,"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/125490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/media\/120734"}],"wp:attachment":[{"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}