Finance
Managing public finance has become a demanding aspect of state and local government, especially as economic health fluctuates and outside forces create revenue instability. Articles on taxes, budgets, pensions and bonds help to bring insight to finance management at the state and local level.
Fitch Ratings issued a report comparing the pension debt in each state to personal income. Connecticut had the highest ratio, at 23 percent, while Tennessee was the best at 1 percent.
Like some of its Midwestern and Northwestern neighbors, it put the program on a solid fiscal foundation. California and New York show the consequences of failing.
After a decade of increasing popularity among endowment funds and pensions, its use in investment decisions is coming under increasing political attack. Financial analysts — and perhaps AI — may be able to point the way to a safer middle ground.
Vote NO on Prop One, a shadow group registered as a ballot issue committee against New York state’s Proposition 1, has spent nearly $5 million on misinformation ads for radio, television and streaming services.
The total damage in Western North Carolina is estimated at $53 billion; Gov. Roy Cooper has proposed a small fraction from state funds for costs that won’t be covered by the federal government or private insurance.
The proposed plan would lower the top individual and corporate tax rates to establish a flat tax rate, raise the standard dedication for individuals and eliminate the corporate franchise tax.
Given tax-exempt financing and other advantages, continued municipal ownership would seem the way to go. But other pressing public needs can make cashing out these valuable assets seem attractive. A new wave of privatization efforts will give localities a lot to think about.
As city leaders try to reduce carbon emissions and conserve water amid a 20-year drought, a proposed tax break for a new, water-intensive data center is drawing scrutiny.
The initiative commonly known as the Oregon Rebate would increase the minimum tax on large businesses by 3 percent and send the cash to all residents, guaranteeing them a minimum income.
In the summer of 2022 the state reduced the filing fee for new LLCs to just $1, triggering a surge in fraud and registration delinquencies. Now the state must deal with the fallout, including the possibility that current business and job numbers are not reliable because of it.
Wayne County, Mich., nearly filed for bankruptcy in 2014. It just posted its tenth budget surplus in a row.
They’ve mostly benefited real-estate developers. Here’s how to redeploy these tax incentives to grow new businesses and boost employment while leveraging state and local expertise and attracting a broader investor base.
Too many contracts go to larger, more-established companies. But it’s younger, smaller businesses that often are better at leveraging new technologies and efficiencies. We need to avoid “vendor lock-in.”
As a recent study documents, federal fiscal stimulus created a budget windfall for states. Most cut taxes, and some now must scramble to make up for shortfalls. Congress is likely to impose tighter restrictions on future countercyclical aid, so it’s a time for all levels of government to get their acts together.
The state Capitol’s pension debt clock acted as a reminder for the last eight years of how much taxpayers were on the hook to pay. But now the state’s retirement system is fully funded and the digital clock has gone dark.
The state’s Industrial Commission, made up of the governor, attorney general and agricultural commissioner, has approved a project to expand education about carbon dioxide capture and storage, which includes a newly debuted website.
Gov. Jeff Landry praised the state’s investment in coastal protection projects, such as levee infrastructure, as one reason why the Category 2 storm spared most of Louisiana from major destruction.
In much of the country, downtowns remain relatively empty. The implications for property values, mortgage debt and property tax collections have not yet fully played out, says a Columbia University economist.
State revenue collections are returning to earth after several years of high budget surpluses. In many cases, they used the unexpected funds for one-time investments and to shore up reserve funds.
When the 2017 tax law expires next year, Congress will revisit the limits on SALT deductions on federal returns. With elections approaching, it’s time for governors and mayors to offer some viable new policy options — and ways to pay for them.
As they expanded eligibility under the Affordable Care Act, some skirted the law by misclassifying new enrollees to maximize revenue from Washington while doing little to help those who need care. It will take federal legislation to end this behavior.
The new rules will ban utilities from billing ratepayers for contributions or gifts to political candidates, political parties and political or legislative committees, or to a trade association, chamber of commerce or public charity and more.
Fines and fees are common throughout the criminal justice system, but they can strain the finances of families already experiencing instability and widen income and racial disparities.
California is one of seven states that fund schools based on average daily attendance instead of how many students are registered for the year. But that could change if proposed legislation gets Gov. Newsom’s signature.
The cuts from the roughly $20 billion, six-year transit plan would defer some maintenance projects, delay the transition to fully electric state-run buses and pause the development of other initiatives.
Total credit card balances have risen 5.8 percent from a year ago as Americans struggle to keep up with high living costs.
In 2020 and 2022, annual spending on the issue didn’t exceed $7 million and between 2013 and 2017, Philly spent an average of $9 million annually to settle police misconduct cases. But misconduct spending has since skyrocketed.
Revenue growth over three years outpaced earlier trends and fueled new spending, but has since pulled back. What does it mean for the future of state budgets?
Mayor Brandon Johnson has warned of “sacrifices that will be made” to account for the multimillion-dollar spending gap. City officials have cited declining state revenues and rising pension and personnel costs as the cause.
The state Department of Health Care Policy and Financing underestimated how sick its members would be. Medicaid covers about 1.26 million people in Colorado.
Pandemic money from Washington stimulated the economy but arguably ended up feeding inflation. Before the next downturn, governors, mayors and public financers need to be part of the conversation about how to open the countercyclical aid spigot quicker — and when to shut it off.
