WENY News - Wolf to pursue Farm Show borrowing plan to plug deficit

Wolf to pursue Farm Show borrowing plan to plug deficit

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HARRISBURG, Pa. (AP) - Democratic Gov. Tom Wolf's administration will look to borrow against the Pennsylvania Farm Show Complex and Expo Center to help plug a projected $2.2 billion deficit and make payments to schools and human services providers.
Wolf's office made the announcement Monday. Efforts stalled last week in the state House of Representatives to pass a tax package the governor would support.
Wolf says a Farm Show "lease-leaseback" is expected to yield $200 million up front, to be paid back with interest over 29 years.  State government is three months into its fiscal year without an approved revenue package to fully fund a nearly $32 billion budget bill that lawmakers passed June 30.
Wolf said last week that his administration is seeking to borrow $1.2 billion against revenue from the state-controlled wine and liquor store system.

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