An appropriation made subsequent to the passage of regular appropriations for a purpose for which either no appropriation was originally made or where the General Assembly deems it desirable but not mandatory that an original appropriation be increased in the current fiscal period.
A document consisting of program and financial information projected over a five-year period. It thus serves as the agency input into the Commonwealth Program Plan.
An administrative breakdown of an appropriation after such appropriation has been made by the General Assembly and signed by the Governor. The allocation assigns specific amounts of money to appropriate major objects and is the spending plan for the entire fiscal year. It is an authorization to spend. In the case of those agencies under the Governor’s jurisdiction, the allocation is approved by the Office of the Budget. In the case of independently elected officials it is made internally in those offices.
A further breakdown of an appropriation and allocation by minor object and also by quarters or other periods of time within the fiscal period. Allotments are aimed at controlling the appropriateness and rate of expenditure so as to avoid the depletion of funds before the end of the fiscal year.
In Pennsylvania, because of other expenditure controls, the allotment is primarily a planning and cost control tool at the agency level. The movement of funds among the minor objects can be done at the agency’s discretion without Office of the Budget approval.
Legislation requiring the Governor’s approval authorizing an agency, department, board, commission, or institution to spend a specified amount of money for a stated purpose or purposes during a particular period of time, usually one fiscal year.
A deficiency which occurs when an original appropriation is insufficient to meet the requirements of a program during the entire fiscal year. A deficiency appropriation normally is approved only to provide for such requirements as debt service, mandated subsidy payments or to continue minimum standards of protection or patient care.
Monies such as institutional billings or fees which are credited to a specific appropriation of State revenues. An augmentation can usually be spent for those purposes authorized for the appropriation which it augments. Although augmentations usually are appropriated in general terms with no specific dollar limits, Federal aid monies must be appropriated specifically.
A budget in which proposed expenditures equal actual and estimated revenues and surplus. The Pennsylvania Constitution requires the Governor to submit a balanced budget and prohibits the Governor from approving appropriations in excess of actual and estimated revenues and surplus.
A statement of the State’s program plan, the resources necessary to support that plan, a description of how and for what purposes the resources are to be used, and a projection of the effects of the programs on people and the environment.
The debt authorization and/or appropriations authorized in the Capital Budget to fund any permitted capital program.
The capital budget is that portion of the State Budget that deals with projects for the construction, renovation, improvement, acquisition and original furniture and equipment of any building, structure, facility, land or land rights. Projects must have an estimated useful life in excess of five years and an estimated cost in excess of $100,000. Most of the capital budget projects in the past have been paid from monies raised by the sale of bonds.
Insufficient cash to meet necessary payments at a given time. It does not necessarily imply insufficient revenue over the course of a fiscal year nor does it imply the lack of sufficient appropriation authority. Short term borrowing (less than a year) is usually used to supply needed cash.
A classification of appropriations according to their general purpose: general government, institutional, grants and subsidies, capital improvements, and debt service.
An aggregation of the Agency Program Plan (APP) within the framework of the Commonwealth program structure.
An authorization made by proper authority for a spending agency to commit monies for a future year expenditure from a future year appropriation. It is contingent upon the eventual passage of an appropriation for the purpose. Money may not be paid out for goods or services delivered until such an appropriation has been made. It is usually used in the last months of a fiscal year for items ordered for delivery in the summer. It is the first item of encumbrance set up against a new appropriation once it is passed.
An appropriation that does not specify the time limit (with some exceptions) within which the money must be spent or encumbered. Specific action must be taken, either by the Office of the Budget or the General Assembly to lapse it.
A set of government financial statements that complies with accounting requirements prescribed by the Governmental Accounting Standards Board and provides information about the financial condition of the commonwealth. It is prepared primarily by accounting staff in the Office of Comptroller Operations and audited by independent auditors using GASB requirements.
Budget projections are controlled by the concept of current commitment. Projections under current commitment show the future implications of current decisions, assuming no new aspirations and applying only those cost escalators which are a natural characteristic of the program’s operation.
An appropriation providing supplemental funding in the event that the original appropriation is not sufficient to meet required spending to the end of the fiscal year.
A fiscal condition that occurs at the end of a fiscal year, whereby expenditures for a fiscal year exceed the actual cash intake of revenues during the same period plus the prior year surplus. The deficit must be paid from the next year’s revenues.
As contrasted with expenditure, a disbursement refers to the paying out of cash (or check) only from the Treasury; it does not include any encumbrance.
That portion of an appropriation that represents an expenditure pursuant to a contract, a purchase order, or a known demonstrable bill but where an actual disbursement has not been made. In accrual accounting it is treated as a debit against the appropriation in the same manner as a disbursement of cash.
The reversion of property to the State. Under the laws of the Commonwealth unclaimed money or property becomes the property of the State.
An authorization made in the name of the Governor to spend money from funds that had been previously appropriated through blanket action of the General Assembly. An example of this would be tax anticipation notes interest and sales tax refunds.
As contrasted with disbursement, an accounting entry that is both the payment of cash and/or any encumbrance, as in accrual accounting.
All monies, regardless of source, deposited in the Treasury must be appropriated. Federal funds are appropriated to specific agencies for a specific time period.
A twelve month period beginning July 1 and ending June 30 of the following calendar year which is used as the State’s accounting and appropriation period. Definition of years:
Actual Year — Includes all expenditures (and encumbrances) chargeable to that fiscal year as of June 30 of the previous year plus any supplemental and deficiency appropriations enacted after June 30. In the case of continuing appropriations, the actual figure will also include any available balances. For non-appropriated and non-executively authorized restricted receipts and restricted revenues, it reflects disbursement only.
Available (Current) Year — State funds include amounts appropriated to date and supplemental and deficiency appropriations recommended in the Budget. In the case of Federal funds, the best estimate currently available. For non-appropriated and non-executively authorized receipts and restricted revenues, the best estimate of disbursement currently available is used.
Budget Year — Reflects the amounts being recommended by the Governor for appropriation for the next fiscal year.
Planning Years 1, 2, 3 and 4 — Reflects only the cost of the budget year projected into the future and the implementation of legislatively mandated increases that may be effective in a future year.
An independent fiscal and accounting entity comprising a source of money set aside by law for the purpose of carrying on specific activities in accordance with special regulations, restrictions, or limitations. It has been created by legislation and should not be confused with Restricted Receipts.
The beginning balance is the ending balance brought forward from the previous year. The ending balance (positive or negative) is the sum of the beginning balance, revenues/receipts and lapses less expenditures within the fiscal year.
A single piece of legislation containing numerous individual appropriations. The General Appropriation Bill contains only appropriations for the executive, legislative and judicial departments of the Commonwealth, for the public debt and for public schools. All other appropriations are made by separate bills each concerning one subject.
That fund into which the general (non-earmarked) revenues of the State are deposited and from which monies are appropriated to pay the general expenses of the State.
A goal is a desired state of affairs based upon current knowledge and values. It is timeless in the sense that as achievement approaches, goals tend to be restated at a higher level of aspiration or new goals are projected. Goals reflect the basic values of society and are therefore always culture bound and subjective.
A measure that describes and quantifies the ultimate effect programs have upon the environment or upon individuals. The accomplishment of subcategory objectives is measured in terms of impacts.
The Pennsylvania Constitution empowers the Governor to disapprove part or all of any dollar item or items of any bill making appropriations of money. The part or parts of the bill approved become law and the item or items disapproved become void. This power is known as the item veto.
The return of unencumbered or unexpended monies from an appropriation or executive appropriation to the fund from which the money was appropriated or executively authorized. Most appropriations are for one fiscal year and any unencumbered and unexpended monies usually lapse automatically at the end of that fiscal year.
A special revenue fund composed of monies received from lottery ticket sales. It provides for lottery prizes and for programs to support older Pennsylvanians including property tax and rent assistance, community care programs, mass transit fare subsidies and prescription drug costs.
A group of expenditure classifications within an appropriation. Major objects of expenditures in Pennsylvania budget terms are: Personnel Services, Operational Services, Fixed Assets, Subsidies and Grants and others as indicated.
Expenditures that are authorized and required by legislation, other than appropriation acts, or required by the Constitution. Such expenditures include payment of public debt.
A special revenue fund composed of monies received from liquid fuels taxes, licenses and fees on motor vehicles, aviation fuel tax revenues, federal aid for highway and aviation purposes, contributions from local subdivisions for highway projects and other miscellaneous highway revenues. The fund provides for highway and bridge improvement, design, maintenance and purchase of rights-of-way, as well as aviation activities and Department of Transportation licensing and safety activities. It also finances State Police highway patrol operations and pays subsidies to local subdivisions for construction and maintenance of roads.
A grouping of expenditures that are like or similar in nature and are breakdowns within the broader major object categorization. Examples include postage, travel, drugs food, motor vehicles, etc. All minor objects are collected under one of the major object headings.
The navigator is a small series below the main series, displaying a view of the entire data set. It provides tools to zoom in and out on parts of the data as well as panning across the dataset.
The quantity that identifies how much of a given element’s outputs are required, e.g. the incidence of cancer would identify the magnitude of need for a treatment program.
An appropriation to any charitable or educational institution not under the absolute control of the Commonwealth. Requires the affirmative vote of two-thirds of the members elected to each House of the General Assembly.
A statement of program purposes in terms of desired accomplishments measured by impact indicators. Ideally accomplishments are intended effect (impact) upon individuals, the environment and upon institutions. The intended effect should be quantifiable and achievable within a specific time and stated resources, and contribute toward pursuing the goals of the Commonwealth. Objectives are found at the program subcategory level.
A classification of expenditures by the nature of the goods and services purchased. See definitions for Major Object of Expenditure and Minor Object of Expenditure.
The estimate of revenues for a fiscal year determined by the Governor at the time he signs the General Appropriation Act. It is this revenue estimate which is used to determine whether appropriations are in balance with revenues.
The operating budget is that portion of the State Budget that deals with the general day to day activities and expenses of State Government, paid out of revenues derived from taxes, fees for licenses and permits, etc.
Quantifiable units produced as a direct result of activity carried out at the element level. The major output of a training program would be the number of people trained and qualified for jobs.
An appropriation for the ordinary expenses of State Government. Requires the approval of a majority of the Senators and Representatives elected to the General Assembly.
A general term applied to any level of program aggregation defined in the Agency Program Plan. Included are the Commonwealth Program, Program Category as well as Program Subcategory.
A method of budgeting that relates expenditures to government program accomplishments. Program budgeting generally includes the identification of programs and their objectives, a system of measuring and reporting program results and the allocation of funds with a consideration of program effectiveness.
The first major subdivision of the Commonwealth program. The Program category is defined in terms of desired goals, e.g. clean air environment.
A general term applied to any of the substantive measures found in the agency programs. Included are impacts, outputs and need and/or demand estimators.
Issued by the Governor, the PPGs identify those problems confronting the Commonwealth which are of major concern. The guidelines initiate the budget process in that they ask for a preliminary assessment of alternative program changes that respond to the Governor’s concerns.
The PRR is submitted to support new programs or major changes in existing programs. The PRR reflects the guidance provided by the Governor’s Annual Program Policy Guidelines (PPGs), results obtained from special analytic studies, and needs or demands considered relevant by the Governor.
The system used to organize goals and objectives within a logical framework so that activities of different organizational units designed to accomplish similar results can be reviewed for decision purposes within the appropriate program context. Program structure also provides the means for determining what information is required in order to identify the needs and demands on government and what information is required for the management and evaluation of program operations.
A subdivision of a program category. The subcategory focuses upon objectives which can be measured in terms of quantifiable impact. Program subcategories within agencies are called programs within the Governor’s Budget.
Monies received by a State fund (usually the General Fund) from a source other than the State that may be used only for a specific purpose. The funds are held in a trust capacity for a period of time and then are disbursed to authorized recipients including other State agencies. Restricted Receipts do not augment an appropriation.
Monies which, when received, are designated either by law or by administrative decision for specific purposes. The revenues are deposited in the General Fund or in certain special funds. Restricted revenue accounts continue from one year to the next and finance a regular operation of State Government. Disbursements from restricted revenue accounts must be accounted for as expenses of State Government.
Monies received from taxes, fees, fines, Federal grants, bond sales and other sources deposited in the State Treasury and available as a source of funds to State Government.
As presented in the Governor’s Executive Budget, the amounts expected to be received from each existing source of revenue, along with any new proposals to raise or lower revenues, for the remainder of the fiscal year in progress and for each of the next succeeding five fiscal years.
The estimate of revenues for the appropriate fund detailing the amount of revenues to be received during the fiscal year. The estimate is prepared and certified by the Secretary of Revenue through the Secretary of the Budget and signed by the Governor prior to signing the General Appropriation Bill for the fiscal year.
A re-estimate of current year revenues made when the budget for the next fiscal year is prepared, taking into consideration collections to date and any revised economic forecasts. Although it represents a revision to the official estimate, it has no effect on the official estimate’s function as a limit on appropriations.
The document submitted to the State Treasurer by the Department of Revenue or any other State agency collecting money which belongs to the State. It is sent to the State Treasury along with the money and shows the source of the money and the proper fund and account to which it should be credited.
Any borrowing done on behalf of any fund of the State where the term of the loan is less than one year.
Any investment made on behalf of any State fund that matures in less than one year.
A fund in which revenues raised from special sources named by law are deposited (earmarked revenue). Such revenues can be spent only for the purposes prescribed by the law and for which the revenues were collected. Examples: Motor License Fund, Game Fund, and Boat Fund.
A fiscal condition that may occur at the end of a fiscal year, whereby expenditures are less than the actual intake of revenues during the same period. The surplus funds become available for appropriation for the following year.
Notes which are issued by the Commonwealth when short-term borrowing in the anticipation of tax revenues is conducted in the public market on behalf of either the General Fund or the Motor Fund or both. The notes are a first obligation against the revenues collected in either fund during the year and must be redeemed before the end of the fiscal year. The notes may be issued in several forms including commercial paper, variable rate demand notes or fixed-rate, fixed-term notes.
An authorization prepared by an agency comptroller and sent to the State Treasurer for the drawing of checks in payment of salaries, vendors’ invoices, travel expenses etc.
An authorization prepared by the Auditor General and sent to the State Treasurer for the drawing of checks in payment of the items on a voucher transmittal.
The General Fund is the state’s main operating fund. It hold approximately 85 percent of total tax revenues and the majority of expenditures are transacted from this fund. This chart compares the actual General Fund balance for the current fiscal year to what the actual General Fund balance was the prior fiscal year without the Short Term Investment Pool (STIP) line of credit advances provided by Treasury.
All information based on transactions processed by the Treasury Department. Current fiscal year totals are as of last business day.
This chart compares the reported General Fund General Obligation Bonds total outstanding debt listed within the audited Commonwealth of Pennsylvania Annual Comprehensive Financial Report for each fiscal year end.
Information can be found at the Annual Comprehensive Financial Report (ACFR) page on the Governor’s Office of the Budget website.
Annual Comprehensive Financial Report (ACFR): A set of government financial statements that complies with accounting requirements prescribed by the Governmental Accounting Standards Board and provides information about the financial condition of the commonwealth. It is prepared primarily by accounting staff in the Office of Comptroller Operations and audited by independent auditors using GASB requirements.
This chart compares the reported General Fund General Obligation Bonds total outstanding debt listed within the audited Commonwealth of Pennsylvania Annual Comprehensive Financial Report for each fiscal year end.
Information can be found at the Annual Comprehensive Financial Report (ACFR) page on the Governor’s Office of the Budget website.
Annual Comprehensive Financial Report (ACFR): A set of government financial statements that complies with accounting requirements prescribed by the Governmental Accounting Standards Board and provides information about the financial condition of the commonwealth. It is prepared primarily by accounting staff in the Office of Comptroller Operations and audited by independent auditors using GASB requirements.
This chart represents the breakdown of outstanding principal and interest of General Fund General Obligation Bonds as of the current day.
The General Fund is the state’s main operating fund into which the general (non-earmarked) revenues of the state are deposited and from which monies are appropriated to pay the general expenses of the state.
The General Fund holds approximately 85 percent of total tax revenues and the majority of expenditures are transacted from this fund. This chart compares the actual General Fund balance, which includes the Short Term Investment Pool (STIP) line of credit advances provided by Treasury, to what the General Fund balance would be if the STIP had not been provided.
All information based on transactions processed by the Treasury Department. Current fiscal year totals are as of last business day.
This chart lists the selected funds total asset balance at cost value. This is the balance Treasury utilizes as an expendable fund balance. The balance reflected is the asset balance as of that day and does not include outstanding bills that need to be paid, planned spending that will occur later in the fiscal year, or planned spending that will occur in future fiscal years.
All information based on transactions processed by the Treasury Department. Current fiscal year totals are as of last business day.
This chart compares the total fiscal year (FY) and to date (FYTD) revenues and expenditures for the selected fund. These totals reflect state payments and federal funds deposited with the Commonwealth to make federally mandated payments.
All information based on transactions processed by the Treasury Department. Current fiscal year totals are as of last business day.
This chart compares actual General Fund revenues and expenditures by day.
All information based on transactions processed by the Treasury Department. Current fiscal year totals are as of last business day.
This chart displays total expenditures recorded in Treasury for various departments and funds. These totals reflect state payments, federally mandated payments, and accounting adjustments.
Current fiscal year totals are as of last business day.
Fiscal Year refers to the time period of July 1 to June 30 of the given Budgetary Year.
Budget refers to the enacted budget bill for a Budgetary Year.
TThis chart compares the total Fiscal year (FY) and to date (FYTD) expenditures for the selected appropriation. These totals reelect all expenditure transactions processed by the Treasury Department.
Current fiscal year totals are as of last business day.
Fiscal Year refers to the time period of July 1 to June 30 of the given Budgetary Year.
Budget refers to the enacted budget bill for a Budgetary Year.
Pool 999 (Liquid Asset Pool/LAP) – A stable share price investment vehicle that invests exclusively in fixed income securities, primarily of short duration. It is designed to generate income while minimizing investment volatility.
Pool 998 (Common Investment Pool/CIP) – Pool 198 is designed to provide an opportunity for Funds that can sustain a higher degree of volatility and risk and a lesser degree of liquidity. It is intended for agencies that have little to no need to access the assets in the short term. The primary purpose of Pool 198 is achieving, at least, long-term preservation of purchasing power. Pool 198 can diversify across a wide variety of asset classes to preserve and enhance the value of Pool 198 through asset appreciation and income generation while maintaining a reasonable investment risk profile. The variable NAV is calculated daily and gains or losses are realized when shares are liquidated. Monthly income is distributed to participants.
Tuition Account Program Guaranteed Savings Plan (TAP GSP) - The GSP is a diversified portfolio of investments designed for families saving for qualified education expenses. To achieve this objective, the GSP will invest in a suitable mix of marketable assets that could provide a long-term competitive rate of return that is equal to or greater than the Actuarial Target Rate of Return.
Other Post-Employment Benefits (OPEB) – OPEB is a long-term pool used to pay future retiree health benefits. OPEB is designed to provide an opportunity for investments that can sustain a higher degree of volatility and risk and a lesser degree of liquidity targeting prudent levels of short and long-term volatility consistent with its long-term liability structure. Appropriate levels of downside risk, relative to the fund’s long term actuarially determined assumed rate of return, are acceptable.
Consolidated Cash Pool (CCP) – The daily cash flow for Pools 99, 198, 124, 198 external managers, OPEB, Unclaimed Property, Treasury SIO’s and miscellaneous cash activity creates a purchase or sale of the respective participants' units in the Pool of Pools (CCP is a short-term Investment Vehicle and NOT a program).
Pool 998 (Common Investment Pool/CIP) – A variable net asset value investment vehicle that uses longer term fixed income, alternative investments, and equity securities to generate enhanced investment returns over time. Funds are intended to weather short-term ups and downs in the market in the interest of long-term capital appreciation.
TAP GSP (PA 529 Guaranteed Savings Plan) - Treasury’s Investment Policy permits the PA 529 GSP to invest in fixed income and equity securities, as well as alternative investments. TAP GSP is part of Pool 924 (Treasury Managed Cash Pool/TMCP).
Budget Bar consists of the appropriated amount, a specified amount of money for a stated purpose or purposes during the fiscal year, plus augmenting revenue, monies such as institutional billings or fees which are credited to a specific appropriation of State revenues.
Expenditures Bar consists of all expenses linked directly to the listed appropriations of the current fiscal year’s enacted budget.
Revenue Bar consists of all monies received from taxes, fees, fines, bond sales, and other sources deposited in the State Treasury and available as a source of funds to State Government, plus augmenting revenue, monies such as institutional billings or fees which are credited to a specific appropriation of State revenues. The revenues recorded reflect revenue classifications in the official revenue estimates.
Augmenting revenue is included in both the Budget Bar and the Revenue Bar to show total available budget and revenue for the current fiscal year.
All information based on transactions processed by the Treasury Department.
Fiscal Year refers to the time period of July 1 to June 30 of the given Budgetary Year.
Budget refers to the enacted budget bill for a Budgetary Year.
Budget consists of the appropriated amount, a specified amount of money for a stated purpose or purposes during the fiscal year by department and appropriation.
Budget - A statement of the State’s program plan, the resources necessary to support that plan, a description of how and for what purposes the resources are to be used, and a projection of the effects of the programs on people and the environment.
Appropriation - Legislation requiring the Governor’s approval authorizing an agency, department, board, commission, or institution to spend a specified amount of money for a stated purpose or purposes during a particular period of time, usually one fiscal year.
Fiscal Year - A twelve month period beginning July 1 and ending June 30 of the following calendar year which is used as the State’s accounting and appropriation period.
All information based on transactions processed by the Treasury Department.
Fiscal Year refers to the time period of July 1 to June 30 of the given Budgetary Year.
Budget refers to the enacted budget bill for a Budgetary Year.
Augmentation - Monies such as institutional billings or fees which are credited to a specific appropriation of State revenues. An augmentation can usually be spent for those purposes authorized for the appropriation which it augments. Although augmentations usually are appropriated in general terms with no specific dollar limits, Federal aid monies must be appropriated specifically.
All information based on transactions processed by the Treasury Department.
Fiscal Year refers to the time period of July 1 to June 30 of the given Budgetary Year.
Budget refers to the enacted budget bill for a Budgetary Year.
Augmenting Revenue is monies such as institutional billings or fees which are credited to a specific appropriation of State revenues and is included as part of the total budgetary balance of that appropriation.
Revenue chart consists of all monies received from taxes, fees, fines, bond sales and other sources deposited in the State Treasury and available as a source of funds to State Government. The received funds are categorized into account numbers which are directly associated with major classifications.
Revenue - Monies received from taxes, fees, fines, bond sales and other sources deposited in the State Treasury and available as a source of funds to State Government.
All information based on transactions processed by the Treasury Department.
Fiscal Year refers to the time period of July 1 to June 30 of the given Budgetary Year.
Budget refers to the enacted budget bill for a Budgetary Year.
Expenditures chart consists of all expenses linked directly to the listed appropriations of the current fiscal year’s enacted budget.
Expenditure - As contrasted with disbursement, an accounting entry that is both the payment of cash and/or any encumbrance, as in accrual accounting.
All information based on transactions processed by the Treasury Department.
Fiscal Year refers to the time period of July 1 to June 30 of the given Budgetary Year.
Budget refers to the enacted budget bill for a Budgetary Year.
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Treasury, as an agency, processes approximately 208,000 payments during the course of the fiscal year as general operating expenses, federal and state mandated payments, Unclaimed Property claims, Tuition Account payments, and debt service obligations. Expenses that meet publishing requirements according to the PennWatch bill can be searched for and displayed on this page. Expenses that do not meet publishing requirements will be seen as “CHK Payee”, “WIR Payee”, or “ACH Payee”.
Pool 999 (Liquid Asset Pool/LAP) – A stable share price investment vehicle that invests exclusively in fixed income securities, primarily of short duration. It is designed to generate income while minimizing investment volatility.
Pool 998 (Common Investment Pool/CIP) – Pool 198 is designed to provide an opportunity for Funds that can sustain a higher degree of volatility and risk and a lesser degree of liquidity. It is intended for agencies that have little to no need to access the assets in the short term. The primary purpose of Pool 198 is achieving, at least, long-term preservation of purchasing power. Pool 198 can diversify across a wide variety of asset classes to preserve and enhance the value of Pool 198 through asset appreciation and income generation while maintaining a reasonable investment risk profile. The variable NAV is calculated daily and gains or losses are realized when shares are liquidated. Monthly income is distributed to participants.
Tuition Account Program Guaranteed Savings Plan (TAP GSP) - The GSP is a diversified portfolio of investments designed for families saving for qualified education expenses. To achieve this objective, the GSP will invest in a suitable mix of marketable assets that could provide a long-term competitive rate of return that is equal to or greater than the Actuarial Target Rate of Return.
Other Post-Employment Benefits (OPEB) – OPEB is a long-term pool used to pay future retiree health benefits. OPEB is designed to provide an opportunity for investments that can sustain a higher degree of volatility and risk and a lesser degree of liquidity targeting prudent levels of short and long-term volatility consistent with its long-term liability structure. Appropriate levels of downside risk, relative to the fund’s long term actuarially determined assumed rate of return, are acceptable.
Consolidated Cash Pool (CCP) – The daily cash flow for Pools 99, 198, 124, 198 external managers, OPEB, Unclaimed Property, Treasury SIO’s and miscellaneous cash activity creates a purchase or sale of the respective participants' units in the Pool of Pools (CCP is a short-term Investment Vehicle and NOT a program).
Pool 998 (Common Investment Pool/CIP) – A variable net asset value investment vehicle that uses longer term fixed income, alternative investments, and equity securities to generate enhanced investment returns over time. Funds are intended to weather short-term ups and downs in the market in the interest of long-term capital appreciation.
TAP GSP (PA 529 Guaranteed Savings Plan) - Treasury’s Investment Policy permits the PA 529 GSP to invest in fixed income and equity securities, as well as alternative investments. TAP GSP is part of Pool 924 (Treasury Managed Cash Pool/TMCP).