Pennsylvania has a surplus, and lots of budget patches, too

Pennsylvania
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In Pennsylvania, good fiscal times may not necessarily mean good fiscal condition.
    
The rage in the state Capitol right now is the surplus that state government rolled up in the almost-ended fiscal year.
    
But that surplus hasn’t necessarily changed outside views that Pennsylvania has tall fiscal challenges.
    
The surplus is expected to ease the passage of an on-time budget and leave a substantial sum to deposit into a reserve fund.
    
Such a deposit hits on a key criticism of credit rating agencies, that Pennsylvania lacks reserve cash.
    
Still, Pennsylvania remains among the lowest-rated states by credit-rating agencies, which often criticize the state’s budget-management practices.
    
In a research note last week, Moody’s said Pennsylvania has routinely shown little willingness to enact structural solutions to its budget challenges.
 

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