Senator Gene Yaw (R-23) is cosponsoring legislation that would transfer a significant portion of surplus funds from legislative accounts to the General Fund – a move he said will help the state cope with its growing fiscal crisis.
Yaw said that Senate Bill 10 would leave sufficient funds in legislative accounts to continue Senate operations for up to four months in the event of an emergency or budget impasse. The bill would require that all funds in excess of this reserve be returned to the General Fund after each fiscal year.
“Given the current economic crisis, we need to return this money to the General Fund and to the taxpayers of this state,” Yaw said. “This funding would provide a much-needed revenue source, as we face a growing shortfall, without compromising the General Assembly’s ability to operate in a crisis or an impasse.”
It is estimated that Senate Bill 10 will return more than $100 million to the General Fund this year to help balance the budget.
“This money will help balance the budget without raising taxes on hardworking Pennsylvanians or job-creators,” Yaw said. “In these tough economic times, we all need to tighten our belts and look for ways to help make ends meet.”
Contact: Arnie Kriner