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.
Pension funds enjoyed enormous stock market returns during the pandemic but slower gains and underfunding has increased their liabilities.
California officials have warned students for years that for-profit schools may make misleading career claims, leaving them with “a mountain of debt” but no job. Still, many for-profit schools remain on the state’s list of recommended job training programs.
The record-breaking 2023-24 investment in small diverse businesses and veteran businesses increased by $129 million from the year prior.
Gov. Ron DeSantis has put pressure onto the University of Florida’s Board of Governors to investigate President Ben Sasse’s spending of $17.3 million during his first year in office, a $5.6 million increase from the year prior.
The state’s ballot measures are just two of nearly a dozen from across the nation that aim to reduce taxes for some or all property owners. One Colorado initiative would cap annual state property tax revenue growth at 4 percent.
Voters would have to approve a $4.4 billion bond package in November, to be financed by property tax increases over 33 years. Including interest, the package would cost $11 billion.
States can compensate with vehicle and odometer taxes, but local governments can harness new data technologies — including GPS, 5G and AI — to meet the need for more than states’ hand-me-down dollars.
They don't do much to generate economic activity, often hurt taxpayers they’re intended to help, inject instability into revenue streams, and create administrative and compliance costs for businesses, governments and consumers.
In the typical state, personnel costs represent 40 percent less of the overall budget than was true 30 years ago.
Federal aid helped states and localities cope with the biggest costs of the pandemic. But good things don’t last forever, and this one didn’t.
Attorney General Ken Paxton sued the Facebook parent company in 2022, claiming it had used personal biometric data without permission.
Gov. Roy Cooper’s plan to leverage Medicaid funds and help relieve up to $4 billion in debt for people across the state won approval on Friday. For the order to take effect, hospitals need to sign on.
State and local treasurers have been playing it safe by capturing high short-term rates. Some are wary of longer maturities, but markets spell lower short-term yields. Tricky decisions are in store.
The Chicago mayor has raised $2.6 million since his election in April 2023. Nearly half of those funds come from unions. Another large check was from Grammy-winning rapper Lil Durk.
Companies sometimes set “personalized” prices online based on a customer’s ability or willingness to pay, using algorithms and artificial intelligence to sort through data. The FTC is investigating how widespread it is.
The company behind ChatGPT funded a three-year research program on the impacts of universal basic income. It found that the extra income allowed participants to be more selective about career choices and have more time for leisure.
Budgeting sets the course for what government will and will not do. An initiative from the Government Finance Officers Association is designed to help long-term planning and foster public trust in a “new normal” of uncertainty.
Audits in a number of states have found that tax incentive programs for film and TV end up as money losers. Although some states are considering capping their programs, more are expanding theirs.
The state now has signs that welcome visitors to “The Free State of Florida” at 24 locations along highways and two welcome centers. The slogan has been used in Gov. Ron DeSantis’ campaign since at least 2022.
A second Trump administration would likely mean looser regulations and higher tariffs on foreign imports, which would likely benefit health care, banks, cryptocurrency and oil stocks.
The major public funds have almost doubled their investments in high-fee, nontraditional vehicles, and important new research shows how costly it’s been. It’s a wake-up call for greater scrutiny of fee structures and consultants' assumptions.
The state’s budget will include big changes to how the state funds its public schools and offers a new approach to higher ed. But residents earning minimum wage and SEPTA won’t be so lucky in financial allocation this year.
As cars become more fuel efficient and EVs become more prominent, states will not be able to rely on gas taxes for much longer. But some states are considering fees on Amazon deliveries as part of their road-funding solution.
Voters in at least seven states will decide property tax measures in November. Most would limit what homeowners have to pay, but two would eliminate the tax completely.
After years of rapid growth, states are starting to see revenue declines. Tax cuts red states enacted could become more costly in future years, while some blue states are debating tax increases.
Gov. Greg Abbott and Lt. Gov. Dan Patrick want $5 billion more to expand a low-interest loan program for natural gas power plant construction “as soon as possible.”
Homeowners are being squeezed out of affordable coverage. Sustainable intergovernmental partnerships with the insurance industry offer a solution. And there may be a role for state and local pension funds.
Cash comprised 16 percent of payments during a month-long survey in 2023, compared to 31 percent seven years prior. But cash still remains pervasive among lower-income and older consumers.
Despite reserves bulging and revenues receding, many lawmakers remain reluctant to spend savings.
It’s not just the decline in fuel tax revenues and its impact on highway construction and maintenance. Real estate will also be affected, and sales taxes are likely to take a hit. States need to begin developing strategies.
Gov. Phil Scott argued that residents need tax cuts, not an increase. Legislators felt they had to act to address increased school spending.
