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.
The state has paid out more than $500 million to settle lawsuits during this fiscal year, mostly in foster care cases – a sixfold increase since 2018.
The tax credit would give an incentive for people to enter into the workforce by supplementing their wages with a break on income tax, a credit that would eventually go away as the worker makes more money and stays in the workforce longer.
Private equity interests have lurked behind the skirts of public pensions to dodge higher income taxes. Now Big Tech moguls are trying to play public servants for patsies to fight stronger federal antitrust laws.
An estimated 54 percent of older women and 45 percent of older men who live alone have incomes below what is needed to pay for essentials. The financial effects of COVID-19 and the rising cost of living are to blame.
Mayor Daniella Levine Cava has proposed a county program that would provide landlords with monthly subsidies to help reduce rental costs. If approved, the partially taxpayer-funded program would go into effect in 2023.
Mayor Satya Rhodes-Conway’s budget would build bus rapid transit, support lower-cost housing and provide funds for the Madison Public Market. The budget includes no unexpected big-ticket items.
Gov. Charlie Baker signed sports wagering legislation into law on Aug. 10 but its ban on wagers for in-state schools will likely leave money on the table for the state.
Mayor Lori Lightfoot is under an unflattering spotlight for her signature move tying taxes annually to the consumer price index. Meanwhile, the city council is about to receive a huge inflation-linked pay raise.
Financial experts say the Florida governor’s ban on so-called “woke” investment policies that consider “environmental, social and governance” issues may affect pensions for state retirees. But others disagree on the ban’s impact.
The Florida county announced plans on Aug. 30 to distribute a new round of rental assistance starting on Oct. 1. Eligible applicants could receive as much as $20,000 or 18 months of assistance.
As with pension fund divestment policies, it’s tempting for states and local governments to blacklist companies over their public policy stances. But it’s the taxpayers who are likely to be the collateral damage losers.
Fuel, energy and food costs have soared while teacher shortages have increased pressure to raise wages. The financial problem has hit as education emerges as a central issue in the Iowa governor’s race.
The Broward County city’s mayor and commissioners voted unanimously on Aug. 23 to give themselves raises, increasing the mayor’s and commissioners’ salaries by 166 percent and 156 percent, respectively.
The Chicago Transit Authority is hoping to finally make good on a promise to expand a subway line to the southern edge of the city. First it needs the City Council to agree to a plan for raising billions of dollars to support the project.
Roads and water infrastructure top the list of local priorities, but broadband expansion and clean energy projects are proving popular as cities face increased demand for these newer technologies.
If approved, residents would vote on their fourth bond program in less than two decades. The $1 billion program would help pay for better streets and city infrastructure, including $150 million for housing.
With government workers’ pay raises lagging the private sector’s, state and local officials will need to navigate through different measures of inflation to fairly calibrate wage and pension increases.
The nonpartisan group Tax Foundation ranked the state’s tax climate as the 28th best in the nation while the Council on State Taxation found the state to have the highest tax burden on business inputs nationwide.
The first round of payment distributions for taxpayer funds will happen on Aug. 15. But there is concern that the more than $8 million won’t be enough to pay all the candidates who qualify for public matching between now and February.
New incentives included in the Manchin-Schumer “Inflation Reduction Act” could help overcome range anxiety and cost concerns. Meanwhile, states are submitting plans to spend millions of federal dollars on EV charging networks.
A proposal to provide middle-income residents with stimulus checks of $250 failed to pass the state’s Legislature. But House Speaker Ronald Mariano is determined that tax relief is “going to happen” this year.
A long-running lawsuit alleging collusion in the securities lending industry may be heading for class-action status. That could be a big deal not only for pension funds nationwide but also for the future of a $2.5 trillion marketplace.
A new study found that key goods, such as gasoline, used vehicles and natural gas prices, were impacted more by inflation in the Boston metropolitan area than the rest of the nation. Inflation in the state has hit a 40-year high.
Small businesses and those owned by women and people of color don’t receive a fair share of government contracting. With infrastructure money flowing, now is the time for public agencies to take a pledge to improve procurement practices.
Women who have more choices when it comes to pregnancy are more likely to attend college, stay in the workforce and stay out of poverty. Women who are denied abortions are four times more likely to be poor five years later.
Several other states are offering residents some form of tax relief to help deal with the financial strains of inflation, but Alabama has nothing planned and the Legislature doesn’t reconvene until March.
The bill includes $250 one-time rebates and tax breaks for families, seniors and low-income households to help residents offset rising inflation costs. But the Senate and House must find compromise before the session ends on July 31.
Just months after the fundraising limits of $500 per individual were lifted, gubernatorial candidates from all parties have reported substantial, six-figure donations from wealthy supporters.
They disproportionately impact low-income residents. “Segmenting” them — setting prices based on ability to pay — can improve lives while actually increasing local-government revenues.
It’s just as important when revenues are robust as it is in tough fiscal times to base spending decisions on what works. Here’s how to get started.
The state is receiving $119 million from the U.S. Treasury’s State Small Business Credit Initiative and will invest in supporting women and minority entrepreneurs as well as businesses that focus on cleaner energy and climate resiliency.
