GOVERNOR CONTINUES CALL FOR BUDGET WITH RECURRING REVENUE
Governor Ed Rendell met with the media yesterday to discuss the ongoing budget negotiations and once again called on the legislature to send him a budget, which he said he will sign provided that (1) it does not make any additional cuts to education and health care, and (2) it balances the budget for the next two years and “makes inroads†on the budget in year three. The governor cited a recent report from Moody’s Investors Service and said Moody’s, and the other credit rating agencies, have preserved PA’s Aa2 credit rating but Moody’s gave PA a negative outlook and warned that the lack of recurring revenue in the final budget could “pressure†that rating. Check the PLS Capitol Toolbox to read the full story.
SENATE PASSES PENSION LEGISLATION
On a 38-9 vote yesterday, the Senate approved a bill that would allow Philadelphia to increase the sales tax from 7 percent to 8 percent, and also to defer $230 million in employee pension costs for two years. According to an article in the Philadelphia Inquirer, Mayor Michael Nutter, speaking to reporters atop a marble
Continue reading Eye Opener – August 27, 2009