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Treasurer Stacy Garrity cites tools to support school finances, expand unclaimed-property returns
Summary
On Keystone Education Report, Pennsylvania Treasurer Stacy Garrity described programs that help school districts boost returns and liquidity — InvestPA, PSERS reforms, PA 529 and PA ABLE — and highlighted a law that lets the treasury automatically return small unclaimed-property amounts.
Treasury Stacy Garrity said the Pennsylvania Treasury’s suite of financial programs and transparency tools are aimed at stabilizing school-district finances and returning unclaimed property to families and institutions.
"My job is to be the fiscal watchdog and to protect the $180,000,000,000," Garrity said in an interview on the Keystone Education Report, listing consumer-facing programs the office runs, including the PA 529 college-and-career savings plan, PA ABLE and InvestPA. "Open Book PA" is the treasury’s public transparency portal, she added, where users can track revenues, spending and state contracts.
Why it matters: Treasury-managed programs and investment policies affect local school budgets and taxpayers. Garrity said tools such as InvestPA — a money-market vehicle that lets districts pool idle cash with the state’s investments — and steps to reduce investment fees can help districts earn higher yields and lower borrowing costs.
Garrity described InvestPA’s January rate of return at about 3.87% and said the program now partners with 79 school districts; she also noted a change in management to Federated has reduced fees and improved yields. For districts with…
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