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While the Senate was not in session last week, the House was in Harrisburg and the budget process continues to unfold with decision makers staking out positions. The Rendell Administration is stating the expected shortfall for fiscal year 2009-10 will be approximately $750 million. However, Senate Appropriations Committee Chairman Jake Corman (R-Centre) stated the budget deficit could reach $1 billion before the end of the fiscal year at the end of June. He based this on the steep decline in the revenue collected by the state in the first three months of this year combined with the decline over the past year. In addition, the state will now face a shortfall in transportation funding due to the federal government’s rejection of Pennsylvania’s Interstate 80 tolling application. This could create a $500 million gap in funding, if a solution is not found by the new fiscal year. In fact, Secretary of Transportation Allen Biehler told the House GOP Policy Committee last week that the state needs more than $14 billion to repair and maintain about 7,000 miles of Pennsylvania roads and roughly 5,600 bridges. Governor Rendell has now called a special session of the legislature to address this transportation funding crisis which will potentially have an impact on the next budget.  |
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 Chamber Newsletter: Business Connections UPCOMING EVENTS 9/14/2010 Tuesday 3:30 PM Membership Orientation Sponsored by Sphere 9/16/2010 Thursday 5:00 PM Business After Hours @ Penn State Brandywine 9/23/2010 Thursday 5:30 PM DCYP Mortgage Seminar 9/28/2010 Tuesday 11:30 AM Knowledge @ Noon - Knowledge is Power: Is it Safe to Get Back in the Water?
IN THE NEWS
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