State Budget Impasse Ends as State Legislature Passes, Governor Signs Funding Bills
The four-month impasse between when spending bills for the 2018 fiscal year state budget were passed and funding mechanisms were agreed to ended earlier this week as the Pennsylvania state legislature passed a series of bills that were then signed by Governor Tom Wolf that will fund the necessary spending. The revenue package has three main components:
– Authorizes additional gambling, including Internet-based games and more casinos.
– Authorizes borrowing up to $1.5 billion from the state’s tobacco settlement, to be paid back annually over the next 20 years.
– A series of one-time fund transfers totaling about $500 million into the state’s general fund.
For more details, read this summary from the Harrisburg Patriot-News or this summary from the PA Chamber of Business & Industry.