Gov. Wolf’s budget proposal Tuesday called for a modernization of State Stores to generate $185 million in additional annual profit by fiscal 2018.
The dramatically increased profits would be used to make payments on a $3 billion bond issue designed to help close the $30 billion gap in the Pennsylvania Public School Employees’ Retirement System, according to Wolf’s plan.
Under it, the Pennsylvania Liquor Control Board, endangered by Republican talk of privatizing the system, instead would have a monumental task – assuming it gains General Assembly approval.
Based on the system’s profitability in the year ended June 30, gross revenue from the state’s 600-plus wine and spirits outlets would have to soar to $5.7 billion in fiscal 2018 from $2.3 billion in fiscal 2014 to generate an additional $185 million in profits.