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.
Most states have seen their collections drop below 15-year trends. Federal actions may also provide a drag on revenue.
Still with a few weeks to go, the campaigning for Georgia’s congressional Senate runoffs has already exceeded $370 million. Overall, nine of the 10 most expensive Senate races occurred this year.
The new congressional stimulus package does not include direct aid for states and localities. Only a few states have seen revenues increase from last year, meaning cutbacks are coming due to COVID spending pressures.
The company will provide financial support to the state’s economic recovery initiative that will fund local nonprofits, cover worker wages and help bring students back to classrooms.
North Carolina accidentally “overpaid” thousands of residents in unemployment benefits and now asks that the claimants give some back. The total overpayment is estimated at $61.5 million.
Recent data shows that while overall spending has increased, there is great variation among states on public education expenditures per student. The average is $12,612, but New York spends nearly double that amount.
The COVID-19 pandemic recession has revealed major cracks in our systems of public finance, from the way we tax to the limits of fiscal federalism. We need to get to work on repairs.
The county approved the budget, which includes a one-time bonus of $1,000 per county employee to help offset the impacts of COVID-19. The county also focused funds on climate change measures.
A coalition of nonprofit community groups have been distributing one-time stipends between $1,000 and $3,000 to families impacted by COVID-19. The groups hope that investments like this continue in the future.
The California Dream Index aggregates indicators of equity to determine how the state is faring in its fight against economic inequity, and according to the numbers, there hasn’t been any improvement since 2010.
New data shows that nearly 4,000 businesses received Paycheck Protection Program loans of $1 million or more, which accounts for 38 percent of the total money spent statewide.
Sponsored
For local government finance leaders, timely and relevant data is crucial for planning, budgeting and reporting; however, many local governments struggle to get the right data when they need it. So, what can they do?
Local governments have come to rely more and more on user charges to fund municipal operations. They're being challenged through the lens of equity and social justice, and they warrant a review.
More than 300 medical providers and nonprofit organizations in Lackawanna County received $73.8 million in coronavirus aid, but officials say it isn’t enough to cover their losses. Many are hoping for a second round of aid.
Officials say the federal relief funds would help reduce the lack of adequate Internet connections in the far reaches of the state, but Republican lawmakers disagree with the governor that the funds can be used in time.
Several Inland Northwest tribes are calling upon Congress to extend the spending deadline for coronavirus relief funds until Sept. 2021, because of costs and hardships that extend beyond Dec. 30.
A technical error in the Medicaid enrollment system may have mispaid 4.9 percent of customers across 27 counties. An audit suggests the numbers could extrapolate to a multi-million dollar glitch for the whole state.
As property taxes and other revenue sources have declined due to the pandemic, city officials are looking for ways to cut spending. But without federal aid, many are concerned that local businesses won’t be able to keep up.
Cities and counties are stepping in to try to preserve their communities' jobs and economies. It looks like it's helping. But the programs need to be designed to prevent mischief and protect taxpayers.
Nationwide, school districts are approving bonds that will pay for high-speed Internet, software updates and student computers. But some worry that the bonds aren’t going to give districts flexibility for future updates.
As COVID cases continue to increase, many residents have voiced their opposition to using relief funds to purchase the police tech. The city is still waiting for guidance as to whether or not the purchase is legal.
The state’s Attorney General commended the Public Utilities Commission of its efforts to jumpstart the state economy, but also says that the commission doesn’t have the macroeconomic experience to make those decisions.
The city has 18.5 police officers per 10,000 residents, which is far below a national, big police department average of 26.5. With budget cuts and public pressure to defund the police, the number could drop further.
Mitch McConnell and other Republicans are opposed to further aid for states and localities. It looks like the Senate will stay in GOP hands, so prospects for relief next year have dimmed.
To resolve the stalemate on COVID-19 relief for states and localities, Congress should require a contractual commitment to robust rainy-day funds and promote serious efforts to fix pension underfunding.
The most recent budget proposal is $188 million more than was proposed by the governor last month, $2.4 billion more than was spent in the entirety of last fiscal year and drains the state’s “rainy day” fund by almost half.
Sponsored
Transitioning to the new lease accounting standards will be complicated for the public sector — even with the original 18-month extension. Make compliance possible with the right resources.
Sponsored
How can governments meet the bill pay preferences of constituents? Explore survey results showing how varying age groups want to pay with insights on how governments can accommodate shifting demands.
Police officials are urging city leaders to use $500,000 of coronavirus relief funds to purchase ShotSpotter, the gunshot detection software. Officials are reviewing the funding rules to see if the purchase is legal.
Arizona, California and Illinois are just some of the states that have significant tax measures on the ballot that could impact billions in state revenue for years to come.
Absent any federal financial help, Gov. Charlie Baker has patched together a multi-million dollar package from COVID relief funds and the state budget that will help assist housing, small business owners and job seekers.
