Including Impacts of the recent Commonwealth Court school funding lawsuit
Harrisburg, PA--Join the PA Budget and Policy Center for the release of new data examining the Commonwealth’s multi-billion dollar surplus- and what it means for budget allocation, and impacts of the recent Commonwealth Court school funding lawsuit decision that declared PA’s current education funding system as unconstitutional.
EXCERPT: The enactment of the Pennsylvania’s current year (2022-23) budget was greeted with bi-partisan hosannas about the fiscal situation of the state. The projected budget surplus for the year was $5.27 billion and additional contributions to the Rainy Day Fund brought it to $5 billion. After more than a decade of budgets balanced with one year funds and fiscal legerdemain, it appeared the state’s persistent budget difficulties were over.
Unfortunately, our analysis shows that this is a partial truth. The state will have, we estimate, a combined $13.2 billion surplus at the end of the fiscal year on June 30. But the long term prospects for the state budget remain problematic.
In sum, the state will soon see a resumption of a structural budget deficit combined with the need for additional investments, especially but not only for meeting the constitutional requirement to fully and fairly fund K-12 education.
WHAT: Overview and breakdown of fiscal surplus and budget allocation
WHO: Marc Stier, Director, PA Budget and Policy Center; Diana Polson, Senior Research Analyst, Keystone Research Center
WHEN: Wednesday, February 15, 11AM EST
WHERE: register on Zoom https://krc-pbpc-org.zoom.us/meeting/register/tZUldumorDIuHNFyyxnmgtUrBiL1ZX4rcNZC
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The Pennsylvania Budget and Policy Center is a nonpartisan policy research project that provides independent, credible analysis on state tax, budget, and related policy matters with attention to the impact of current or proposed policies on working families and individuals.
Pennsylvania Budget and Policy Center, 412 N. 3rd Street, Harrisburg, PA 17101 | 717-255-7156
