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Headlines : Pennsylvania
Gov. Corbett adds pension reform to budget agenda
The commonwealth's pension liability for public employees is about to make state budgeting even more of a nightmare, and Republican Gov. Tom Corbett has put pension reform next on his to-do list.
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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines : Pennsylvania
State budget deadline quickly approaching; Negotiations heating up
Just over six weeks remain until Pennsylvania's budget is due and still no deal has been reached.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
- View All News Stories
Budget timeline: Annual
Fiscal Year starts: July 1
Gov. Tom Corbett
Room 225
Main Capitol Building
Harrisburg, PA 17120
Phone: (717) 787-2500
Fax: (717) 772-8284
Governor's Website
Mary Soderberg, Secretary of the Budget
Office of the Budget
303 Walnut Street - Bell Tower, 7th Floor
Harrisburg, PA 17101-1808
Phone (717) 787-4472
http://www.budget.state.pa.us
2012 Legislative Calendar: Regular Session convenes January 3 and meets throughout the year.
Legislative Budget Leaders:
Rep. William F. Adolph, Jr. (R), Chair, House Appropriations Committee, Wadolph@pahousegop.com (717) 787-1248
Rep. Joseph F. Markosek (D), Minority Chair, House Appropriations Committee, jmarkose@pahouse.net (412) 856-8284
Sen. Jake Corman (R), Chair, Senate Appropriations Committee, jcorman@pasen.gov (717) 787-1377
Rep. Kerry A. Benninghoff (R), Chair, House Finance Committee, kbenning@pahousegop.com (814) 355-1300
Rep. Phyllis Mundy (D), Minority Chair, House Finance Committee, pmundy@pahouse.net (717) 783-1614
Sen. Mike Brubaker (R), Chair, Senate Finance Committee, mbrubaker@pasen.gov (717) 787-4420
Sen. John N. Wozniak (D), Minority Chair, Senate Finance Committee, wozniak@pasenate.com (717) 787-5400
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report compiled by the state government, and click here for information on the state's pension liabilities.
Pennsylvania is required to pass a "balanced budget." Article 8, Section 12 of the 1968 Constitution requires the governor to submit to the general assembly a balanced operating budget, and a financial plan for the next 5 years. Section 13 prohibits the general assembly from passing an operating budget that exceeds actual and estimated revenue. The operating budget is limited to estimated expenses for the executive branch, legislative branch, judicial branch and public schools. Pennsylvania law permits the carrying over of a deficit from one year to the next.
The State maintains the following three major individual funds: the General Fund, the Motor License Fund, and the Tobacco Settlement Fund. Funds are budgeted on budgetary basis that differs from the modified accrual basis of accounting for governmental funds. The following funds are budgeted: the General Fund and Special Revenue Funds (Motor License, Banking Department, Milk Marketing, Workmen's Compensation). All major funds are budgeted except for the Tobacco Settlement Fund. All information necessary for analysis is presented efficiently in the Budgetary Comparison Schedules. These schedules reported budget deficits (negative net transactions), even though the budget is required to be balanced each year. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Pensions :
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HEADLINES: Pennsylvania
Gov. Corbett adds pension reform to budget agenda
The commonwealth's pension liability for public employees is about to make state budgeting even more of a nightmare, and Republican Gov. Tom Corbett has put pension reform next on his to-do list.
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HEADLINES
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
- View All Pennsylvania articles
Unions :
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RESEARCH: Pennsylvania
Public vs. Private Employment and Pay
Pennsylvania's private sector lost 113,600 jobs while state and local governments added 40,200 positions between 2000 and 2009, according to the Bureau of Labor Statistics.
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HEADLINES: Pennsylvania
Pa. labor groups vow to fight 'right-to-work' bill
Right-to-work bills have been perennially introduced and rejected in Pennsylvania, and observers on both sides say the legislation faces an uphill climb this year
- View All Pennsylvania articles
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Solutions: Pennsylvania
Reality-Based Budgeting
This is the year to resolve Pennsylvania's serious financial crises by changing the budget focus from inputs to outcomes. In other words, legislators and the governor should junk the old conventional model and start designing a reality-based budget from the ground up based on priorities and performance.
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Solutions: Pennsylvania
Medicaid Reform
Medicaid, the joint federal/state program that was created to provide health care for the poor, celebrated its 40th birthday in 2006. There was no party for the program, however. In Pennsylvania and around the nation, Medicaid is growing at an unsustainable rate and threatens both state and federal budgets.
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OPINION
Taxpayers get crushed when pensions and bonds collide
This all boils down to who gets to pick taxpayers' pockets first, public pensioners or municipal bond investors? More people are waking up to the hard reality that when it comes to state and local government, somebody has to lose money over the next few decades. The National Association of Bond Lawyers is worried enough about it to issue "Considerations" for advising clients who think they're getting safe investments.
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Pennsylvania
Gov. Corbett adds pension reform to budget agenda
The commonwealth's pension liability for public employees is about to make state budgeting even more of a nightmare, and Republican Gov. Tom Corbett has put pension reform next on his to-do list.
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BLOG
COMMENTARY: Municipal, state pension reform message gaining momentum
Despite an organized campaign to stop public pension reform, reality is beginning to break through. One recent report outlines a possible path to long-term solutions and another details the necessity of states and municipalities finding their own way because federal bailout is impossible. And Chicago Mayor Rahm Emanuel released a plan that could have been based on both reports.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
-
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
- View All Pensions
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OPINION: Pensions
Taxpayers get crushed when pensions and bonds collide
This all boils down to who gets to pick taxpayers' pockets first, public pensioners or municipal bond investors? More people are waking up to the hard reality that when it comes to state and local government, somebody has to lose money over the next few decades. The National Association of Bond Lawyers is worried enough about it to issue "Considerations" for advising clients who think they're getting safe investments.
-
BLOG: Pensions
COMMENTARY: Municipal, state pension reform message gaining momentum
Despite an organized campaign to stop public pension reform, reality is beginning to break through. One recent report outlines a possible path to long-term solutions and another details the necessity of states and municipalities finding their own way because federal bailout is impossible. And Chicago Mayor Rahm Emanuel released a plan that could have been based on both reports.
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
- View All Blog & Opinions
