PA State Treasurer

Chris Knight / AP

Pennsylvania's general fund is on track to be $1.6 billion dollars underwater by the middle of next month.

In the past, the state Treasury has extended lines of credit to help the state keep paying immediate expenses when funds bottom out.

But Treasurer Joe Torsella says that may no longer be fiscally prudent.

The cash balance would have already hit zero this month, if not for a short term, $750 million credit line from the Treasury. The state has to pay that back with interest next week. But the fund is expected to run dry yet again before the end of August.

Wolf Nominates Treasurer To Fill Empty Seat

Apr 8, 2015

A venture-capitalist with a penchant for helping minority-owned businesses is Gov. Tom Wolf’s pick to step in as state treasurer.

Tim Reese, a resident of Montgomery County, said Tuesday that he brings more than two decades of experience in finance, most recently as a managing partner at Forge Intellectual Capital and founder of the National Minority Angel Network, which sought to invest in and provide financial literacy for companies owned by minorities, women, and veterans.

The Pennsylvania Treasury Department wants military veterans or their heirs to get the military medals they rightfully deserve.

The Treasury is trying to return some of the 300 military medals the department has acquired over the years.

In conjunction with Veterans Day, State Treasurer Rob McCord is urging his Return Team to renew their efforts in finding the rightful owners or heirs to unclaimed war medals.

A recent report from global research firm GMI Ratings found the percentage of female directors in S&P 500 companies rose only one-half of a percentage point since December 2011.

Smaller companies have even lower representation on boards by women, despite reports that a diverse board is good for business.

“We have very strong data showing a correlation to having women on boards improving investment performance,” said Pennsylvania Treasurer Rob McCord. “For large-cap companies it appears to improve investment performance by more than 25 percent.”