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.
With strong reserves, states have made billions through interest and other investments. This recent windfall is at risk as interest rates and other investment returns become shakier.
Texas lawmakers are exploring tax incentives to help businesses provide affordable child-care options, aiming to address the state's child-care shortage and support working families.
Important federal deposit insurance rules and possibly its entire regulatory apparatus could come into play in Washington this year. State and local treasurers need to focus on vital public and fiduciary interests.
Governor Josh Shapiro pushes for recreational marijuana legalization in Pennsylvania, estimating over $1 billion in revenue within five years to help address the state's budget shortfall.
Most red states are looking to reduce property tax burdens, which have increased along with home values. Finding ways of replacing lost revenues for locals remains a challenge.
Republican Gov. Mike DeWine has proposed a new refundable child tax credit and increases in child care and children’s health funding, along with full funding for public schools.
A combined federal and state effort to redesign the boondoggle-prone economic development program could also provide the blueprint for rebuilding devastated communities.
South Carolina residents are seeing rates go down thanks to a law passed in 2022, but the state still charges a lot more than North Carolina and other southeastern neighbors.
A bill would set caps on infrastructure funds, allowing localities to make up the difference by charging fees on deliveries. Local officials say the plan will leave them short.
It could bring states a lot of revenue. But voters don’t like it, even though few of them would have to pay.
As the Trump administration steps up immigration enforcement, GOP Gov. Greg Abbott has sent a request to congressional leaders to be paid back for his Biden-era efforts.
The plan would reduce the state’s $7 billion general fund by $1.1 billion over 10 years. Losses would be partially offset by increases in sales and gas taxes.
As 2024 came to a close, the White House and Congress approved big giveaways to two subsets of state and local government employees and pensioners. There could be political backlash, and for equity’s sake there might be a case for some corrective tax policies.
California will ultimately get lots of help from Washington but some GOP lawmakers want to tie wildfire assistance to policy strings. Hawaii had to wait more than a year for aid to be approved after the Maui fires.
States face a tricky year, with their own revenues stalling and federal aid running low.
The nation's largest health insurance program is likely to be cut in Congress this year to pay for other priorities. That could have profound ramifications for state budgets and the health-care system.
Recent laws to improve pension financing should save states tens of billions of dollars over the long term.
Governors, mayors and finance officers are treading water, awaiting the outcome and impact of a new Washington regime’s vows to slash federal spending and taxes. Meanwhile, state and municipal budgeters and debt managers will need to make intelligent guesses and pay more attention to their rainy-day funds.
With the state facing its worst budget gap in two decades, everything from education and juvenile justice to transportation spending is on the line.
They’ve generated over $100 billion in investments in thousands of struggling communities. We have the opportunity to extend and expand the program — and to make it permanent.
When Democrat Jay Inslee took office in 2013, the state’s two-year budget was $38.4 billion. Now, as he prepares to leave, he’s released a $78.8 billion spending plan.
The taming of inflation was the main financial story. Bond and capital markets were cooperative, even if voters upset about property taxes were not. Governors, mayors, finance directors and pension pros may soon look back wistfully at 2024’s business-as-usual atmosphere.
Iowa has helped prompt other states to adopt flat income tax rates. To bring down property taxes, the state has to address local government spending.
State and local governments will be forced to return pandemic relief funds if they aren’t properly obligated by the end of December.
Incoming GOP Gov. Mike Kehoe campaigned on a pledge to eliminate personal income taxes. Several bills would cut the income tax to 4 percent while imposing sales taxes on services.
There’s a lot of talk in Harrisburg about reducing regulations, but much of the economic development effort still focuses on tax credits. Four different programs meant to draw businesses have little to no participants.
The city’s finances were already in poor shape but suffered a blow last month when voters rejected a $400 million-per-year sales tax hike.
’Tis the season: State politicians love to proclaim temporary tax respites, but they rarely achieve their stated objective of boosting economic activity. Poor timing, poor design — or just a bad idea?
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.
Only $599 million of the record $1.3 billion homelessness budget last year was actually spent. City Controller Kenneth Mejia blamed “a sluggish, inefficient approach” for the underspending.
His second presidency could recolor the landscape for federal spending, with ramifications for states, local governments, schools and public pensions. Governors and mayors will need to try to discern where the political wind is blowing — and what to watch out for.
