Pennsylvania Treasury

For the second year in a row, the state will have to borrow money from its treasury to cover basic operating expenses.

The Corbett administration’s budget office has taken out a line of credit with the state’s Treasury Department, authorizing transfers of as much as $1.5 billion.

Gary Tuma, spokesman for the Pennsylvania Treasury, said the state hasn’t resorted to this kind of maneuver so early in the fiscal year before.

The state treasurer says part of the governor’s proposal to change the unclaimed property law should come with ramped-up enforcement of the state’s property law.

Gov. Tom Corbett’s budget assumes $150 million from a plan to shorten the holding time of unclaimed and inactive property, like bank accounts and insurance policies.

Treasurer Rob McCord, a Democrat also running for governor, said there are upsides and downsides to the plan.