Welcome to Scribd. Sign in or start your free trial to enjoy unlimited e-books, audiobooks & documents.Find out more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
EXOB CapBdg Passage 121311

EXOB CapBdg Passage 121311

Ratings: (0)|Views: 4,240|Likes:
Published by jmicek

More info:

Published by: jmicek on Dec 15, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

12/15/2011

pdf

text

original

 
COMMONWEALTH
OF
PENNSYLVANIA
GOVERNOR’SOFFICEHARRISBURGCHARLES
B.
ZOGBY
SECRETARY
OFFICE
OF
THE
BUDGET
December
13,
2011
The
HonorableJoseph
F.
MarkosekPennsylvania
House
of
Representatives
51
2EMain
Capitol
Building
P.O.
Box202025
Harrisburg,
PA
17120
DearRepresentative
Markosek:
I
am
writingtoday
to
explain
thevital
importance
of
the
House
of
Representatives
passingimmediately
and
without
amendment
theFY
2011-2012
Capital
Budget
Act
(S.B.
1054)soas
to
allow
ongoingfunding
for
legallycontracted
capital
projects
andnotdisruptthis
important
source
of
economic
stimulus
and
jobs
at
thissensitive
time
for
Pennsylvania’s
economy.Eachyear,
as
a
requirement
of
the
Pennsylvania
Constitution,
the
Governor
must
submit
a
Capital
Budget
to
the
General
Assembly
and
theGeneral
Assembly
is
constitutionally
required
to
enact
a
Capital
Budget
Act.
ForFY
2011-2012,the
Capital
Budget
bill
was
submitted
to
the
General
Assembly
in
thespring
of
2011
and
was
passedby
the
Pennsylvania
Senate
in
June
2011
with
a
vote
of
49-0andhas
been
waiting
Houseaction
since.
The
Governor’s
Office
has
repeatedlyprovidedinformation
in
an
effort
to
move
this
vital
piece
of
legislation
forward.
Passage
of
the
FY
2011-2012
CapitalBudget
Act
is
required
before
the
Commonwealth
can
issue
the
additionallyrequired
General
Obligation
Bonds
to
continue
to
provide
payments
for
legally
contracted
capital
projects.
Asyou
may
know,the
Commonwealth
issues
its
General
Obligation
Bonds
on
a
“cashflow”
basis
rather
thanon
a
“project”
basis.
Thismeans
that
every
Commonwealth
General
Obligation
Bondfunds
a
portion
of
thetotalcosts
of
literally
thousands
of
current,
ongoing
capital
projects.
Due
to
the
volume
of
approvedcapital
projectscurrently
underway
(literally
well
over
1,500
suchcapital
projects),
the
Commonwealth
issues
its
bonds
to
fund
likely
cash
requirements
of
thevarious
bond-fundedprograms
on
a
four
to
six
monthbasis.
Thisapproachallowsthe
Commonwealth
to
keep
borrowing
costsandthe
relative
size
of
each
bond
issue
to
a
minimum.
It
also
requires
the
timelyissuance
of
bonds
to
ensurethat
there
is
no
interruption
in
project
funding
due
to
thelack
of
bond
proceeds.Failure
to
enact
the
2011-2012
Capital
Budget
Actbefore
the
holiday
recess
willlead
to
the
Commonwealthhaving
to
shut
down
thousands
of
ongoing
capital
projects
andthe
jobs
that

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->