There's a looming financial crisis in Pennsylvania that could hit the wallets of every taxpayer in the state and many don't even know it's coming.

In the 2012-2013 fiscal year, every school district in Pennsylvania must increase its contribution into the Public School Employees' Retirement System to an estimated 29.55 percent of its payroll. This year, schools are required to pay in only 4.78 percent. The spike will peak in 2014-2015 at 33.95 percent and slowly decrease.

Many schools are budgeting pension costs of 7 percent or more to try to bank money to lessen the hit. But school business and state officials say there is no way to make up that kind of increase in such a limited time without raising taxes.

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