{"id":125490,"date":"2023-11-28T20:39:44","date_gmt":"2023-11-29T01:39:44","guid":{"rendered":"https:\/\/www.thevalleyledger.com\/?p=125490"},"modified":"2023-11-28T20:39:44","modified_gmt":"2023-11-29T01:39:44","slug":"treasurer-stacy-garrity-announces-investment-improvements-for-the-rainy-day-fund","status":"publish","type":"post","link":"https:\/\/www.thevalleyledger.com\/?p=125490","title":{"rendered":"Treasurer Stacy Garrity Announces Investment Improvements for the Rainy Day Fund"},"content":{"rendered":"

Harrisburg, PA\u00a0<\/strong>\u2014 Treasurer Stacy Garrity today announced that the Pennsylvania Treasury Department has created a new investment pool dedicated exclusively to the Rainy Day Fund. The new pool is designed to create greater investment returns while maintaining necessary liquidity.<\/p>\n

\u201cThe General Assembly has done an outstanding job of adding to Pennsylvania\u2019s Rainy Day Fund over the past three years,\u201d Treasurer Garrity said. \u201cNow, with $6.1 billion saved for the future, it makes good sense to implement a new investment strategy. Creating this stand-alone investment pool allows us to build an even stronger financial foundation for our Commonwealth.\u201d<\/p>\n

In January 2021, the Rainy Day Fund balance was $240 million, which was only enough to operate the state for about two days. Since then, three major deposits have bolstered Pennsylvania\u2019s reserves:\u00a0$2.6 billion in September 2021<\/a>,\u00a0$2.1 billion in September 2022<\/a>, and\u00a0$900 million in November 2023<\/a>. Assets now total more than $6.1 billion \u2013 enough to keep the state running for more than 48 days, above the national median of 44.5 days.<\/p>\n

The new pool will invest in Treasury\u2019s Consolidated Cash Pool, U.S. Treasury and federal agency securities, investment-grade corporate bonds and other fixed-income securities, all with maturities of less than three years.<\/p>\n

Prior to this change, the Rainy Day Fund was invested in Treasury\u2019s Liquid Asset Pool (formerly known as the Short-Term Investment Pool), which is much like a money market fund with investments limited to short-duration fixed-income assets like certificates of deposit, commercial paper, and other highly liquid instruments.<\/p>\n

The strength of the Commonwealth\u2019s reserves contributed to\u00a0Moody\u2019s recent Rating Action<\/a>\u00a0which upgraded the outlook for Pennsylvania from stable to positive, while maintaining Pennsylvania\u2019s Aa3 rating.<\/p>\n

Information provided to TVL by:
\nSamantha Heckel<\/p>\n

 <\/p>\n

\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Harrisburg, PA\u00a0\u2014 Treasurer Stacy Garrity today announced that the Pennsylvania Treasury Department has created a new investment pool dedicated exclusively to the Rainy Day Fund. The new pool is designed … Continue reading Treasurer Stacy Garrity Announces Investment Improvements for the Rainy Day Fund<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":120734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[482],"tags":[],"class_list":["post-125490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release-2"],"jetpack_publicize_connections":[],"acf":[],"jetpack_featured_media_url":"https:\/\/www.thevalleyledger.com\/wp-content\/uploads\/2023\/07\/Pennsylvania-Treasury.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/125490"}],"collection":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125490"}],"version-history":[{"count":0,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/125490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/media\/120734"}],"wp:attachment":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}