Pennsylvania Treasurer Stacy Garrity announced the creation of a new investment pool designated solely to the state’s Rainy Day Fund. The funds are intended to create greater investment returns while still maintaining necessary liquidity.
According to a press release, the Rainy Day Fund now holds $6.1 billion for the future. Garrity says the General Assembly has done a great job in recent years adding to the fund.
The balance grew from $240 million at the beginning of 2021, which would only provide for two days of state operation. Deposits of more than $2 billion in September of 2021 and 2022, as well as $900 million in November of this year, brought the total to its current number.
The current $6.1 billion would be enough to keep the state running for more than 48 days. Currently, the national median of days allowed by Rainy Day Funds is 44.5.
With the improved reserves, Pennsylvania’s outlook was raised from stable to positive. The Commonwealth maintains an Aa3 rating.
