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.
While overall sales are down, grocery sales might have increased, which would be good for the city’s revenue. While officials expect some declines, overall they are optimistic about the strength of the financial reserves.
Many state, local governments must adjust their budgets as the coronavirus pandemic has choked off much of their revenue streams. Budgets in larger communities will likely rebound faster, but smaller ones will feel the impact for months to come.
As Congress considers further financial help for victims of the coronavirus pandemic, the magnitude of the fiscal crisis that governors and their states will have to face is just starting to emerge.
Spending vast amounts on a crash program now won't help those who've lost their livelihoods to the coronavirus pandemic. We need to take the time for sensible planning to do it right.
Ann Arbor’s virtual city council meeting discussed concerns about spending money on large city projects with an uncertain economic future. “I don’t want to see us putting good money on top of a dumpster fire.”
Federal fiscal assistance could avert budget-balancing cutbacks at the state and municipal level as the coronavirus devastates the economy. Here are some of the strategies and policies that are likely to be — or ought to be — considered.
The revenue drop from COVID-19 is barely starting to show up in official figures, but already furloughs and major shortfalls are common in state and local governments around the country. The pain may be sudden, but it could last for years.
Four of Ohio’s cities are dependent on income taxes. With thousands now unemployed, the coronavirus’s financial toll continues to mount. “Who knows how long this is going to last, but the effect will be felt immediately.”
A short-term federal forgivable-loan program for property owners whose tenants can't pay their rent during the pandemic would protect badly needed state and local revenues.
Delaying fast-approaching property-tax deadlines would help Americans facing economic stress, and it wouldn't be that costly for local governments.
Plus, drafting a fourth stimulus bill before the $2 trillion package is sorted out, considering recession scenarios, state positioning as economy shudders, and credit ratings could be more vulnerable than budgets.
The $2.2 trillion coronavirus relief package is unlike anything we’ve ever seen. So what does it mean for cities and residents? “The challenge is unprecedented, so the stimulus must also be unprecedented.”
Tennessee has created a statewide program that will give cities and counties $200 million to offset the economic damage by the coronavirus. But the relief fund isn’t available until the new fiscal year begins on July 1.
State legislators are now revising their previous prediction, saying the state budget could be short up to $2 billion. New Mexico has been hit extra hard as oil and gas prices have dropped, which the state relies on for revenue.
The Public Service Commission has awarded grants to 44 companies, municipal and tribal governments to help expand Internet access to rural parts of the state. The grants hope to help more than 46,000 homes.
No one knows how deep or long the pandemic-triggered recession will be. But nearly every type of government revenue, including income, sales and gas taxes, will take a hit. Well-funded rainy-day funds should help.
Plus, U.S. now logs 100 cases across all 50 states, IMF lays out three-part global strategy, Muni bonds hit hard by coronavirus, and other budget effects.
In attempts to bring economic relief to the nation, President Trump has proposed a stimulus package of $850 billion that would include tax cuts and loan expansions for small businesses.
The American Association of Retired Persons will suspend all tax prep activities in the United States, including several in Oregon. The suspension will likely last through the remaining tax season.
California lawmakers have set aside up to $1.1 billion for health care, homelessness services and schools to try to help protect the state from the costs of the coronavirus. The bill passed both houses unanimously.
Iowa’s Secretary of State wants a final check of the state’s election systems before the November vote. While the state has a very strong elections foundation, “We need to bolster our cybermaturity.”
The Federal Communications Commission is putting millions toward improving Missouri’s access to high-speed Internet. The money will help to connect about 70,000 residents and, hopefully, bolster economic development.
Modernization, cybersecurity and transparency will drive major tech investments in cities, counties and states across the country.
Louisiana has suffered an unfortunate string of cyberattacks in the past year and responding to those attacks has been costly. The state spent $1.7 million responding to a single ransomware attack against its Office of Motor Vehicles in November.
California Governor Gavin Newsom has asked that lawmakers allow $20 million from the state’s disaster and emergency funds to be used to bolster the efforts against the coronavirus.
Plus, more tax software woes, fintech financial raises for building projects soften for 2020, Texas school district loses millions in phishing scam, and Americans would sell their privacy out for cheap on Facebook.
The Georgia county only has half of its new garbage trucks on the road due to lack of drivers so officials try raising wages to attract workers.
Maryland lawmakers have proposed considerable changes to the state’s sales tax to hopefully assist schools. It would include a lower sales tax but an expansion into professional services.
The plan would expand light rail routes, install “smart” technologies and encourage bike and pedestrian transit, but it’s a heavy lift for local governments as the feds are only expected to contribute $45.5 billion.
Spectrum, which purchased Time Warner Cable, used advertising to mislead California customers about its available Internet speed. Over 170,000 customers will be eligible to receive restitution.
