Where’s the Money?

Laura E. Guncheon, M.S.Director of Community Affairs49th District Office of Senator Sean D. Wileylguncheon@pasenate.com 814.453.2515 x223www.senatorwiley.com

Overview of State Budget Trends

•PA Independent Fiscal Office ▫November 2013 Report

•Revenue Projections•General Fund balance

Overview of State Budget TrendsWhat’s in your wallet, PA?

•Revenue Shortfalls▫General Fund revenue▫Economy & Job projections▫Revenue forecasts▫14/15 Budget

Overview of State Budget Trends What’s your credit score, PA?

•Credit Rating Downgrades▫Why?▫What does that mean?

Overview of State Budget Trends

•Short Term Investment Pool

Overview of State Budget TrendsFactors Driving Projections

•Rising Pension Obligations•Debt Service•Healthcare Inflation•Expanding Service Population•Wage Increases•Non-Personnel Expenses

Overview of State Budget TrendsDemographic Trends

•Working Age Cohort•Aging Population•Changes in social & financial attributes

Overview of State Budget TrendsAnswers?

•Re-prioritize spending

•Limit spending•Eliminate breaks•Additional taxing

structures

A New Way of Thinking

•A new mandate

A New Way of ThinkingPublic Private Partnerships (P3s)

•What is a P3?•Transportation

▫Rapid Bridge Replacement Project

A New Way of ThinkingSocial Impact Bonds

•What is a social impact bond?•How does it work?•Examples

•House Resolution 872•Senator Wiley proposed

legislation

“We cannot solve our problems with the same thinking we used when we created

them.”

Albert Einstein

Laura E. Guncheon, M.S.Director of Community Affairs

49th District Office of Senator Sean D. Wiley1314 Griswold Plaza Ste 100

Erie, PA 16501

lguncheon@pasenate.com

814.453.2515 x223

www.senatorwiley.com Facebook/SenatorSeanWiley

Twitter @SenatorWiley