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.
States are expecting flat revenues and increasing costs in this new fiscal year. They’ll face hard choices even if Congress does not cut major aid programs.
The California governor presented his spending plan for the 2024-2025 fiscal year. It would strip $260 million from the state’s major homelessness program. Some lawmakers want to restore that funding.
Despite a high demand for programs that help children, elderly and those with disabilities, lawmakers made wide cuts for fear that the federal government might take back millions in COVID aid.
Staff levels at Class I railroads declined about 28 percent between 2011 and 2021. Trains have also gotten longer, often reaching 2 or 3 miles long. Many are concerned that the combination poses a safety risk.
States are sitting on near-record surpluses. How and where exactly do they store their savings?
Hundreds of billions of state and local dollars are sitting stagnant in bank accounts earning almost nothing — balances that have tripled in recent years. It’s not clear why this is happening, but it’s far too much foregone income.
On Wednesday, senators rejected efforts to roll back guidance from the Treasury Department regarding how state and local governments can spend pandemic recovery funds.
The Washington state school district mistakenly recorded revenue twice during the accrual and reconciliation process, revealing a $20 million shortfall when the error was corrected. The staff reduction will save about $13 million.
State officials are offering up to $400 in gift cards to drivers who are willing to try out a new system aimed at replacing the gas tax with funding based on the number of miles a person drives.
The state’s Environmental Finance Authority acts as a bank, a development authority and an aid agency all at once. The agency’s mission is about to get even larger as it will manage $1 billion of federal aid.
A 6-year plunge in federal funding that aids victims of sexual assault, domestic violence and child abuse is causing alarm among state and local organizations that rely on those dollars to provide services.
The state has a surplus of 15,000 prison beds. Consolidating and deactivating prisons could free up billions of dollars for safety net programs, education, housing and workforce development.
Increasing climate risks are spiking demand for weather technology as businesses try to protect themselves against changing climate and social norms.
The program offered financial incentives to those who were willing to move to the state’s rural areas, places with less than 50,000 residents, in hopes of boosting local economies and combating population decline.
Citing political interference from investment firms, legislators in red states continue to restrict a set of investment considerations known as environmental, social and governance (ESG).
States are beginning to use artificial intelligence to multiply the power of their audit teams. But the tax collectors risk political blowback unless they can convince the public that it’s just the artful tax dodgers they’re after.
Lawmakers in Mountain West seek to provide permanent tax relief without harming local revenue.
The city’s finance department has grown 35 percent since 2019 and the cost of internal-facing departments have increased by 50 percent. Seattle’s total budget is currently $7.8 billion.
The Chicago-based nonprofit Center for Tech and Civic Life distributed $3.5 million in private funds to 2,500 local election offices across 49 states during the 2020 presidential election cycle. But many believe the additional funds were unnecessary.
The elementary schools have the district’s lowest enrollment, fewer than 300 students total, and will have to share a single librarian next year. No current librarians will lose their jobs.
The state estimates it will have between $300 and $400 million of American Rescue Plan Act funding still available for use. The problem will be figuring out how to prioritize which programs get money.
While they enjoy today’s high tide in the money markets, state and local treasurers should also promote the case for expanded and targeted federal insurance for public deposits.
Republicans in at least six states are looking to ban basic income programs as Democrats seek to expand the no-strings-attached payments. Some state lawmakers are seeking to ban local communities from enacting similar programs.
Last month, Washington increased funding for the preschool program by $275 million. Additional funding for salaries may help address workforce shortages that have led to a steep decline in enrollment.
After borrowing billions from the federal government to pay for unemployment during the pandemic, the state’s debt now stands at about $21 billion and growing. The state also currently accounts for about 20 percent of the nation’s unemployment.
Maryland legislators are taking steps to protect workers and businesses affected by the port and highway closure. There are broader, indirect effects, however, that are creating additional uncertainty.
Affordable online advertisements are critical for thousands of brick-and-mortar businesses that need to reach out to national customers to survive. A Nebraska proposal and similar federal legislation would be a serious blow.
Federal tax cuts may be in jeopardy, but some states are reducing the tax burdens on their citizens and businesses. It’s not surprising that millions are moving to states with robust free-market policies — and leaving those that don’t have them.
The lower number in completed applications for aid has education advocates worried about a smaller fall enrollment this year. An overhaul of the form has caused delays and setbacks across the country.
The Maryland Protecting Opportunities and Regional Trade Act went into effect immediately after Gov. Wes Moore signed it. The program will assist workers and businesses affected by the Key Bridge collapse.
Medical debt is growing and hitting middle-class Americans hardest. States have started acting to relieve the burden, but more can be done.
