Pennsylvania adds over $700M to ‘Rainy Day Fund,’ treasurer announced

HARRISBURG, Pa. (WTAJ) — Treasurer Stacy Garrity announced that millions have been added to Pennsylvania’s “Rainy Day Fund.”

The transfer, which put $737 million into the fund, was authorized earlier this year as part of the state budget for Fiscal Year 2024-25. Following the deposit, the fund has reached a record high of $7.04 billion.

“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,” Treasurer Garrity said. “Building and maintaining the Rainy Day Fund is integral to responsible state budgeting, and I applaud the General Assembly and Governor Shapiro for prioritizing our state’s future.”

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.

Get the latest news, weather forecasts and sports stories delivered straight to your inbox! Sign up for our newsletters .

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.

For the latest news, weather, sports, and streaming video, head to WTAJ - www.wtaj.com.