Gov. Wolf: Rainy Day Fund Reaches Record High
October 05, 2022
Today, Pennsylvania Governor Tom Wolf announced that Pennsylvania’s Rainy Day Fund has reached a record high of nearly $5 billion. The Wolf Administration oversaw a $2.1 billion deposit into the Rainy Day Fund, nearly doubling the size of Pennsylvania’s emergency preparedness fund with a single deposit.
This investment in the Rainy Day Fund was the second largest in Pennsylvania history. Gov. Wolf oversaw the largest deposit ever just last year – a historic $2.6 billion dollars. When Gov. Wolf took office, the Rainy Day Fund had fallen to a mere $231,800 and could only fund a few minutes’ worth of Pennsylvania’s operating budget in an emergency.
“Over the past seven years, my administration has righted Pennsylvania’s shaky finances through sound fiscal management,” said Gov. Wolf. “When I took office, Pennsylvania was operating with a $2-3 billion budget deficit, and the Rainy Day Fund had fallen to a mere $231,800.
“Today, Pennsylvania has nearly $5 billion in emergency savings, a growing economy and a strong fiscal foundation for the future. My administration made historic investments in the people of Pennsylvania in this budget, and even after all of those investments were accounted for, we ended the fiscal year with $5.537 billion in the General Fund – that’s above and beyond the money in our Rainy Day Fund.
“For our commonwealth to grow and succeed, it’s critical that we invest in the people of Pennsylvania. By getting Pennsylvania’s finances in order and investing in the things that make a difference to Pennsylvanians – including higher-quality education, better-paying jobs and safer communities – my administration is putting our commonwealth on the path to a brighter future.”
In his final budget, Gov. Wolf oversaw several historic investments that are already making a difference for the people of Pennsylvania. Since Gov. Wolf signed the 2022-23 budget in July, in addition to nearly doubling the Rainy Day Fund the Wolf Administration has:
- Made a historic $1.8 billion increase in education funding;
- Created 3 new state parks;
- Rolled out bonus rebates through the Property Tax Rent Rebate Program for this year;
- Created a child care tax credit to help make child care more affordable for Pennsylvania families; and
- Invested $100.5 million in gun violence prevention programs.
Governor Wolf is a leader consistently at work for the people of Pennsylvania. Learn more about how his Priorities for Pennsylvania have fueled the commonwealth’s comeback, leaving Pennsylvania in a much better place than when he arrived.