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.
State and local finance teams need game plans for two divergent outcomes of the Federal Reserve’s efforts to wring inflation out of the economy: a soft-landing slowdown or a more severe downturn.
Most of the remaining funds have been earmarked by cities, townships and counties for community projects to address broadband access, housing, workforce development and other needs. But some worry about the debt repayment.
A new law requires the state’s pension system to divest from fossil fuel companies, but making that happen while considering a constitutional requirement to pension members will complicate the process.
County Executive Ryan McMahon has suggested that the surplus, which has grown to nearly three times the normal reserve, be used to double the New York county’s rainy day fund. But the plan would leave little for spending elsewhere.
Unpaid gas and electric bills piled up during the coronavirus pandemic with nearly one in every six households and thousands of small businesses falling behind in payments. Now state officials are looking for a way to pay the money owed.
Federal prosecutors have opened an investigation into Kwame Kilpatrick in an effort to force repayment of the $1.7 million debt owed to the city and the IRS for a federal racketeering conspiracy case.
If stocks keep declining, the outlook for pension obligation bonds improves. State and local financial teams should prepare now for a cyclical opportunity.
The Department of Environmental Conservation rejected an air permit to the power plant near Seneca Lake that used most of its electricity generation to mine the cryptocurrency. Many see it as an environmental win.
The state Supreme Court has ruled that when counties sell buildings for overdue taxes, any extra money must be returned to the property owners and may not be pocketed by local governments.
Starting next month, customers will notice extra charges on delivery orders, ride-sharing trips and car-share rentals, which are part of a change in transportation funding that will help pay for road and bridge projects.
Clerks have stolen an estimated $1.7 million from 17 towns in the past decade, according to audit reports and restitution orders. And the problem could be worse: 158 towns have gone more than 20 years without a full financial audit.
Congress responded to the COVID crisis by allocating unprecedented sums to help cities and states recover. Early data about how they are using the money suggests that big spends can have complications.
Recent investment losses have highlighted provisions that are missing from most municipal money management contracts: full disclosure of the downside and stronger risk controls.
If voters approve the measure in November, it would raise county sales tax by one-half of 1 percent for 40 years and fund dozens of transportation projects. But critics are concerned that it could risk the region’s climate goals.
The state’s Select Committee on Blockchain, Financial Technology and Digital Innovation Technology discussed allowing state politicians to accept digital currency donations. No formal decisions were made.
A state judge has vacated a $1 million fine levied against the energy company in 2019 for repeated power outages between 2014 and 2017. The City Council has vowed to appeal the ruling.
For decades, states have relied on the so-called "sin tax" to fund vital social programs. If the FDA's recent proposal to ban menthol cigarettes and flavored cigars prevails, states will need to find another funding source to keep the programs afloat.
Several have earmarked fiscal year 2023 funding for various infrastructure projects, including a new fire station, a child-care center, hydrologic stations, improvements to rural roads and more.
The Maine city’s budget increased 27 percent from last year’s $212 million budget, but this year it includes a 5.5 percent tax rate increase. The City Council also approved a code of ethics and appointed a new city clerk.
Mass shootings are costing governments, schools and families billions. Those who sell, buy and harbor AR-15-style firearms and other pseudo-military killing machines should bear the financial burden.
The bill would provide large businesses with up to $10 billion in tax credits over 20 years to promote green semiconductor manufacturing. But watchdog groups have questioned how the bill was hastily pushed by Gov. Hochul.
The city approved $1.2 billion in bond money for street repairs, affordable housing developments, a new police station and other projects. But some officials wonder if increasing inflation will force the city to revise its plans.
The $8.5 billion tax increase would help fund county infrastructure projects for the next 40 years. But a regional planning agency claims it conflicts with a climate law, risking funding and progress on emissions reduction.
Members of the Senate budget committee have proposed a resolution that combines and strengthens several of the GOP proposals from recent months. The plan would include tax relief payments of up to $1,500.
Rising interest rates have triggered substantial market losses from Golden State treasurers’ untimely investments of idle cash. It’s time for reforms wherever similar portfolios are now bleeding red ink.
Experts expect the inflation-relief package would likely cause prices to increase slightly and wouldn’t stop the possibility of a recession. The package would give each vehicle owner $400 to offset gas prices.
In the final hours of the state’s session, the budget proposal passed in a 33-7 vote. The budget compromise would include a $2,550 Permanent Fund dividend and one-time energy relief payments.
While the federal government has paid more than $2 billion to cover the funeral costs of those who died of COVID, fewer than half of families eligible for assistance have started the application process to receive aid.
Eligible households within the program can receive up to $2,500 each month in pandemic-related relief funding for up to 18 months and, so far, about 500 households have reached the cutoff point.
The Florida governor has been a vocal critic of President Joe Biden’s big government spending and yet millions of dollars in federal funding have uplifted the state’s budget, reserves and a variety of job and infrastructure projects.
