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.
Despite widespread damage from a 2023 storm, only eight homeowners have cash in hand, with federal roadblocks delaying relief.
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.
There isn't enough money there to significantly redress urban inequalities. The best way forward is to rethink law enforcement budgets for better policing and to de-fang unions that shield bad cops.
Mayor Jenny Durkan's move, made as the city faces a $300 million shortfall in 2020, has triggered criticism from some council members. The funds were to combat displacement and advance community equity.
The city council has approved $2.75 million from the city’s CARES Act funding to support Black business owners who weren’t eligible for aid from federal pandemic relief programs.
The rules the president has pushed through have successfully lowered immigration numbers to the lowest in decades, but many experts are concerned about the impact the restrictions will have on job growth and the economy.
The coronavirus pandemic encouraged Americans to begin relying more on fintech for things like check deposits and money transfers. As the change becomes permanent, some financial firms are having to catch up to the tech.
Fear of contagion en route is keeping travelers on the ground, crushing local businesses and regional economies. Airport authorities should band together to establish on-site rapid testing.
A Multnomah County study found that publicly funded broadband is too expensive to be feasible. Now the county must seek out cheaper, maybe less effective, options to ensure that every household has access to the Internet.
While some parts of the state’s economy have bounced back, economists have predicted that California’s unemployment rate will not return to it’s pre-COVID rate until late 2024.
Budget analysts fear the state will continue to lose approximately $450 million a year until 2025. More federal stimulus aid is needed if the state is to avoid devastating cuts to public services.
They employ millions of people and buy trillions of dollars in goods and services from the private sector. Congress and the White House should keep these numbers in mind as they debate pandemic aid.
Raising the cap on the federal deduction for state and local taxes while putting a lid on another tax break would benefit more taxpayers and the governments closer to them.
Gov. McMaster approved purchasing electronic poll books after South Carolina officials spent days looking for alternative ways to streamline voter check-in. Now, election clerks can begin distribution and training for November.
Due to federal funding, the state avoided the severe budget cuts that many feared at the height of the pandemic several months ago. The budget allocates nearly $18 billion for education and awaits Gov. Whitmer’s signature.
In 2021, there will be a new mayor, up to seven new commissioners and there won’t be a $1 billion boost to the Miami-Dade budget from the CARES Act. Many are worried about impending budget cuts.
A new proposed coronavirus aid package would be very similar to the one enacted in the spring: stimulus checks, renewed PPP funding and increasing unemployment benefit payments. Getting agreement in Congress remains a challenge.
Detroit projected an additional loss of $62 million and 50,000 jobs last week. Still, although the city needs to make adjustments to balance the budget, officials manage to remain optimistic: “It’s a solvable challenge.”
Sacramento, Calif., will begin redirecting money from the city budget into a new fund that the public will determine how to spend. But the fund won’t use money from the policing budget and it won’t be as large as planned.
More than 75 businesses received loans from the coronavirus small business relief program that appear to be fraudulent or ineligible for the program. One in every four businesses that received PPP loans in Florida have been flagged.
Caught between the Federal Reserve's new strategy for managing inflation and historically low bond yields, the plans now need to take a fresh look at their actuarial assumptions and inflation protection.
Lawmakers want to increase the budget by adding tax credits for immigrants, increasing COVID-19 outreach and encouraging businesses to hire workers while facing a projected $8.7 billion deficit for next year.
New York City has announced the possibility of laying off up to 22,000 municipal workers due to coronavirus cutbacks. Yet, the city is still maintaining $163 million in contracts with companies like Deloitte and KPMG.
