Auditor General DePasquale Issues Statement on Latest Short Term Loan to Support State’s General Fund
Auditor General DePasquale Issues Statement on Latest Short Term Loan to Support State’s General Fund
HARRISBURG (Oct. 27, 2017) – Auditor General Eugene DePasquale today issued the following statement regarding his acknowledgement of a $1.8 billion line of credit from Treasury’s Short Term Investment Pool (STIP) to ensure the state has the cash flow to pay bills:
“Now that there is an apparent agreement on a revenue plan in the General Assembly, along with recent actions by the governor, to pay for the state’s nearly four-month-old budget, a loan from the Treasury’s Short Term Investment Pool is a financially sound way to maintain the cash flow the state needs to ensure payments are made on time.
“As I have said since April, regardless of how the General Assembly chooses to get to a balanced budget, a balanced budget is required.
“What was passed this week appears to provide that balance and we need to do what we can to continue to allow the government to function, and possibly prevent another credit downgrade.”
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