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.
But tariffs and deportations threaten economic damage in the Southeast United States.
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.
Despite some uncertainty as to the exact amount state agencies will receive from the IIJA funding, offices are hiring staff to identify financial need for projects such as roads, bridges, broadband and public transit.
The mayor announced that he will focus on affordable housing, violence prevention, broadband expansion, lead removal and City Hall upgrades in spending American Recovery Plan Act funds.
Worried that the budget would not have enough votes to pass directly to the governor, the House of Representatives has delayed action. But, if the budget remains unchanged, the $5,500 checks to residents could drain the state’s savings.
Gov. Charlie Baker has filed a $3.5 billion funding package that includes nearly $970 million for revitalizing downtowns, $1.2 billion on developing climate resiliency and $325 million on workforce initiatives.
If autocracy is moving the world toward deglobalization, geopolitical investment principles should complement environmental, social and governance factors. There’s a lot for pension boards and investment managers to keep in mind.
The estimated cost of attendance at a University of California is $38,504; California State Universities are expected to cost $30,676. Only 33 percent of Californians said a four-year degree was needed for a successful and profitable career.
Last month, the national jobless rate fell to the lowest it has been since the 1960s, but the intense labor demand could spark even faster wage growth. Currently, inflation is at its highest in four decades.
County Manager Bonnie Hammersley has proposed raising the property tax by 1.25 cents to 83.12 cents per $100 in assessed property value to fund the $312.3 million proposed budget and to help pay the county’s debt.
A statewide ballot measure, headed by a startup investor and former Google executive, would tax California’s richest residents to pay for public health initiatives to prevent future pandemics.
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Three Wall Street firms will commit $3 million each for the next 10 years for the “Investing in Black Futures” initiative, which will recruit, train and mentor students from four historically Black colleges and universities for finance careers.
In distributing rental assistance funds to prevent evictions, Indianapolis found a creative alternative model, working across departments to get the money out to vulnerable families.
The agency will create a “Fareness” panel which will analyze and recommend ways to discourage fare evasion through education, equity and enforcement to mitigate revenue loss, which is expected to reach $500 million in 2022.
With the Federal Reserve raising interest rates, the yields on money market funds, state investment pools and bank accounts lag the payouts on safe securities. Staff needs to do its upside/downside homework.
The tax was imposed in 1994 to raise revenue for the Bay Area city’s library services. If the measure doesn’t pass in the June primary, the library system will have to cut 40 percent of its expenditures.
Rising costs are starting to put pressure on budgets and may increase pension risk. Still, government balance sheets are in good shape and the economy remains in growth mode.
State lawmakers discussed the possibility of curbing property taxes by using surplus state funds and restricting the annual growth of a home’s taxable value. But some worry it would shift the burden onto taxpayers.
The bottom half of Americans saw their wealth grow by 301 percent in 2020, in part boosted by unemployment benefits and stimulus payments. Despite that growth, the wealth gap also increased.
The American Rescue Plan Act funds were intended to help local governments and small businesses confront the financial impact of COVID-19, but many officials view the money as an opportunity to invest in future generations.
It includes investments that will raise health-care workers’ pay, improve their workplace infrastructure and provide incentives that will attract more people to the workforce, according to Gov. Kathy Hochul.
