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.
Hospital associations say more rural facilities will close if Medicaid cuts go through. Potential aid includes changes to matching rates and provider taxes.
The city council has approved a slimmer budget as the city expects a $103 million revenue loss for the upcoming fiscal year. Notably, the proposal cuts $23 million that typically goes to law enforcement.
Protestors are calling for cities to ‘defund the police,’ but the odds of that happening are low. Philadelphia will be watching to see what happens in Minneapolis as the city considers such a move.
The Baltimore City Council must review the $3 billion budget amid the coronavirus-induced recession, a recent ransomware attack, and protests over police brutality. Many foresee budget cuts and reallocations.
The largest amount of the state’s CARES Act money will be used to provide renters, workers and business owners financial relief. Then the state will give to rural hospitals where patient loads dropped significantly.
The city council approved the relief package, in hopes to stimulate job training, housing assistance, small businesses and expand broadband to the 60 percent of residents who currently don’t have access.
Rural America won't like it, but there are good arguments for Congress to provide direct aid to public transit systems and to municipalities that rely heavily on the hospitality taxes vacationers pay.
Fears of spreading the coronavirus have discouraged cash transactions and increased the number of card and online payments. But cashless transactions aren’t germ-proof, and for many poor families, cash is all they have.
Maryland’s county officials want to add body cameras to the next proposed budget, hoping to provide transparency and accountability in the wake of George Floyd’s death. The cameras will add $4 million to the budget.
The Pittsburgh Port Authority was notified of the award through a tweet from President Trump and accompanying news release. But, officials delayed celebration until confirming the money was actually for them.
Houston transit officials predict that the city could experience a $102 million loss from a drop in sales tax revenue. Even though the state began reopening in early May, bus and train use has remained at less than half.
Miami, Fla., will undergo a citywide hiring freeze and will postpone stadium repairs in anticipation of the budget shortfall created by the COVID-19 crisis. The city hopes the budget cuts are enough to avoid furloughs.
In a typical recession, not many older workers lose their jobs. That's not the case this time. They face not only unemployment but the prospect of poverty, with pressures on 401(k)s and other retirement accounts.
Without funding to offset plunging revenues and exploding health-care spending, the downturn will be deeper and recovery will take longer. Now is the time for state and local leaders to make their case.
Gov. Abbott awarded a multimillion-dollar contract to a little-known technology company without much legislative oversight. Legislators on both sides are concerned about transparency and citizen protection.
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How safe is it to make payments at your local government office during the pandemic? Offices can limit cards, cash and checks from changing hands—and help slow the spread of COVID-19—by taking these steps.
States face revenue shortfalls exceeding 20 percent. Cities and counties have furloughed hundreds of thousands of workers. Already, public employment has fallen more than during the Great Recession.
With an expanded role, they could serve as an efficient conduit between local governments of all sizes and federal financial resources for revenue shortfalls and infrastructure.
Spokane, Wash., received $23.4 million from the federal government to maintain the city’s bus system. But officials don’t think that will be enough to offset the challenges that the public transit system has been facing.
Officials in Macomb and Oakland counties, Mich., have announced that portions of their CARES Act money will be allotted for local governments and small business support. With approval, the money could be granted by June.
The U.S. Department of Health and Human Services awarded the funds to aid in coronavirus testing and contact tracing efforts. The state needs at least 670 professional tracers, but only has 100 so far.
Gov. Newsom’s proposed budget would save the state $2.8 billion in the next fiscal year but it would mean that all state workers, including the governor and his staff, would receive a 10 percent pay cut.
The Federal Communications Commission awarded several Alabama health groups grant money to expand their telemedicine services. “It’s horrendous that this has occurred, but it has put telehealth in the forefront.”
California must grapple with a budget deficit that could amount to more than $54 billion by next July. In the short term, there are several budget areas the state can pull from. But the long-term solution is uncertain.
The CARES Act relief will be spent on things like mobile testing sites and technology upgrades. But it could also help food insecurity and business loans. “We have the flexibility to address what we need to address.”
California is working to offset the $54 billion deficit caused by the coronavirus pandemic through two financial proposals. Neither go directly towards the state budget, but instead hope to jumpstart the state’s economy.
The state is expecting a severe revenue loss as tourists and residents are staying off the roads during the coronavirus pandemic. “Things were not good and COVID is making things worse.”
California was going to purchase $800 million of masks from an Alabama vendor but the delivery was incomplete. This is the state’s second incomplete mask purchase, bringing concern to the purchasing decisions.
After two and a half years of development and less than a year after unveiling a $2.8 billion (US) master plan, the New York-based Google affiliate Sidewalk Labs has cut its losses and put Toronto’s smart-city project in limbo.
Pennsylvania’s unemployment compensation fund is not expected to run out, despite the historic number of unemployed workers, but the state may have to eventually repay billions of dollars, which could increase taxes.
The coronavirus pandemic is forcing local governments to find new ways to cut costs. It's an opportunity to build effective financial practices into their cultures, not just for now but for the long term.
