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Where’s the Money?

Where’s the Money?. Laura E. Guncheon , M.S. Director of Community Affairs 49 th District Office of Senator Sean D. Wiley lguncheon@pasenate.com 814.453.2515 x223 www.senatorwiley.com. Overview of State Budget Trends. PA Independent Fiscal Office November 2013 Report

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Where’s the Money?

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  1. Where’s the Money? Laura E. Guncheon, M.S. Director of Community Affairs 49th District Office of Senator Sean D. Wiley lguncheon@pasenate.com 814.453.2515 x223 www.senatorwiley.com

  2. Overview of State Budget Trends • PA Independent Fiscal Office • November 2013 Report • Revenue Projections • General Fund balance

  3. Overview of State Budget TrendsWhat’s in your wallet, PA? • Revenue Shortfalls • General Fund revenue • Economy & Job projections • Revenue forecasts • 14/15 Budget

  4. Overview of State Budget Trends What’s your credit score, PA? • Credit Rating Downgrades • Why? • What does that mean?

  5. Overview of State Budget Trends • Short Term Investment Pool

  6. Overview of State Budget TrendsFactors Driving Projections • Rising Pension Obligations • Debt Service • Healthcare Inflation • Expanding Service Population • Wage Increases • Non-Personnel Expenses

  7. Overview of State Budget TrendsDemographic Trends • Working Age Cohort • Aging Population • Changes in social & financial attributes

  8. Overview of State Budget TrendsAnswers? • Re-prioritize spending • Limit spending • Eliminate breaks • Additional taxing structures

  9. A New Way of Thinking • A new mandate

  10. A New Way of ThinkingPublic Private Partnerships (P3s) • What is a P3? • Transportation • Rapid Bridge Replacement Project

  11. 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

  12. “We cannot solve our problems with the same thinking we used when we created them.” Albert Einstein

  13. Laura E. Guncheon, M.S. Director of Community Affairs 49th District Office of Senator Sean D. Wiley 1314 Griswold Plaza Ste 100 Erie, PA 16501 lguncheon@pasenate.com 814.453.2515 x223 www.senatorwiley.com Facebook/SenatorSeanWiley Twitter @SenatorWiley

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