Harrisburg -- When Governor Wolf began his first term as Governor seven years ago, the state was operating with a two to three billion dollar budget deficit.
At Wolf's start, the state's Rainy Day Fund had fallen to a mere $231,000. Today, the Rainy Day Fund contains $2.8 billion to protect Pennsylvania against future emergencies, and the Independent Fiscal Office projects that Gov. Wolf will transition a budget surplus to the next administration.
Gov. Wolf will be the first governor to leave office with a budget surplus since Governor Dick Thornburgh in 1987.
Improving the state’s finances is one reason our economy is growing. Pennsylvania has the 18th largest economy in the world, larger than the economies of Saudi Arabia, Switzerland, or Turkey.
“Our economic success and our fiscal strength add up to a huge win for Pennsylvanians,” said Gov. Wolf. “This is further evidence of something I have always known to be true: that sound financial management and investments that make a difference in the lives of Pennsylvanians go hand in hand."
When Gov. Wolf took office, schools across the commonwealth was experiencing drastic education funding cuts. The Wolf Administration has since invested nearly $2 billion in education funding.
In 2021 alone, the Wolf Administration oversaw a historic $416 million education funding increase. The Wolf Administration has also made major investments to make health care more accessible and affordable for Pennsylvanians on a budget, support workers through workforce training and increased apprenticeship opportunities, spur economic growth through investment in businesses and entrepreneurs, and more.
“The work by Governor Wolf to stabilize and improve the finances of the state has clearly been seen here,” said Allegheny County Executive Rich Fitzgerald. “Since 2014, our GDP has steadily increased showing a 16% increase over the past few years. We’ve seen growth in employment, population, and in businesses locating here representing multiple industries.
Our region can certainly take credit for that, but it is also reflective of the fact that businesses and organizations have confidence in our state government and its financial footing because of the work done under this administration.”