The Future of Finance
The Business Outlook Survey found that 75 percent of respondents believe that the state’s leaders have fallen short in improving affordability for businesses; 82 percent said the state is somewhat unaffordable for companies.
Maine’s largest city has proposed funding for affordable housing, employee retention bonuses, an addiction medicine program, health care for the homeless and more.
A report from the University of Alaska Center for Economic Development found that, for the last seven years, the state has performed “at or near the bottom” in employment growth, unemployment, net migration and GDP.
Voters in San Francisco and Berkeley, Calif., approved new taxes on vacant dwellings. Meant to tame speculation and increase supply for renters, the measures have raised revenue in other cities but the impact on housing markets remains unclear.
Some workers are forced to turn down a raise to avoid losing eligibility for public assistance benefits or they may receive a pay hike that doesn’t compensate for the lost benefits. These benefit cliffs have widespread effects.
It contributed $13.64 billion to the state’s economy last year, accounting for 152,000 jobs and a 1.6 percent increase in GDP. RV camping contributed the most of all outdoor activities, exceeding $700 million in value.
A statewide clean-energy lending program in Ohio stalled last year before making any loans. Lawmakers want to add consumer protections in case the program resurfaces.
States are sending billions out to households in one form or another. But states don’t print money; they just shuffle it around. The payments amount to a rounding error in the overall inflation picture.
On Monday, Nov. 7, the city’s aldermen voted on whether to pass Mayor Lori Lightfoot’s 2023 budget, which had received some pushback for not including funding for a Department of the Environment and including annual raises for future mayors.
The race for the state’s 26th Legislative District has attracted more money than any other legislative contest; already PACs across the state have spent more than $12 million this year. Here’s where and why the money is flowing.
The Georgia governor’s plan to pay the state’s most economically vulnerable residents $350 cash payments has been fraught with issues, such as scams, data privacy violations, politics and more.
This year’s campaign cycle has reached $23 million, a record for the state’s gubernatorial race. About 90 percent and 40 percent of incumbent Janet Mills’ and Paul LePage’s spending, respectively, have gone to out-of-state vendors.
The Republican-led effort lowered the county’s property tax rate and will result in the elimination of approximately 560 vacant positions, postpone a sheriff deputy cadet class and delay some flood control projects.
The U.S. is one of the most expensive countries in the world for building transit, according to the Transit Costs Project. A research group at the NYU Marron Institute of Urban Management is working to understand why.
Last year’s federal infrastructure bill allotted $62 billion to bolster and update the nation’s electric grid, which could result in $9.2 million annually to Louisiana for the next five years if the state’s application is approved.
The state alleges both the Republican Governors Association and A Stronger Alaska, an independent expenditure group funded by the RGA, are illegally spending money to support Gov. Mike Dunleavy’s re-election.
The state is on track to overtake Germany, surpassing the United Kingdom, France and Brazil. In the past three years, the state’s corporate revenues have risen 147 percent and the market capitalization has increased 117 percent.
Tax-exempt issuers’ costs have shifted upward dramatically this year as the Federal Reserve has pushed interest rates higher to fight inflation. It’s time to re-strategize debt management programs.
The ongoing drought has raised costs, making it increasingly difficult for more than 13 million low-income households across the state to afford water. Many are looking for officials to take action.
Across the nation, the poverty rate among adults 65 and older rose to 10.7 percent last year, the only age group that saw an increase. In Los Angeles County, homelessness in adults 55 and older has risen 20 percent since 2017.
Residents will vote on whether the state general reserve fund should keep 7 percent of the previous year’s state-collected tax dollars and whether the capital reserve should retain 3 percent of the year prior’s revenues.
In its annual survey of the fiscal condition of U.S. cities, the National League of Cities finds cause for both hope and concern. Federal funds have improved municipal fiscal health, but inflation and recession fears are on the horizon.
Disadvantaged communities have suffered disproportionately from underinvestment in clean and affordable water. But a historic increase in federal water infrastructure funding can change the equation if managed correctly.
Despite the recent announcement that Social Security benefits will increase next year, the federal program is likely to become insolvent by 2035. Congress has done little so far, but some candidates hope to change that.
The Established Program to Stimulate Competitive Research is aimed at states and territories that previously received little funding from the National Science Foundation. The hope is to boost scientific research across the nation.
At least eight states have bills that would modify existing or establish new programs to tax drivers of electric vehicles based on the number of miles they drive to supplement the decreasing revenue from the gas tax.
Pennsylvania and other states argue that Delaware has been wrongly pulling money through unclaimed property seizures, which, in recent years, have funded 10 percent of the state’s budget. The case could cost Delaware $400 million.
With inflation taking root, state and local treasurers were warned of the risks of blindly investing their cash longer term for minuscule returns. It was advice that many ignored, leaving their portfolios squandering billions.
In the first year that the state legalized online gambling and sports betting, the state earned $41 million in tax revenue, which is much higher than expectations but much less than the profits of two of the state’s casinos.
If passed, a bill would divest the state’s pension fund from the 200 largest publicly traded fossil fuel companies no more than two years from the time the bill is enacted. The pension fund is valued at $92.9 billion.
As costs rise, the economy slows and federal grants decline, Tom Kozlik warns that cities, including Philadelphia, may have to adjust the way they manage their finances to prepare for tough times ahead.