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THE FUTURE OF Finance

THE FUTURE OF Finance

How State and Local Governments Are Crucial to the Economy

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.

By Ronald C. Fisher, Michigan State University  |  September 28, 2020
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THE FUTURE OF Finance

Michigan Avoids Major Cuts, Approves $62.8 Billion Budget

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.

By Lauren Gibbons, MLive.com  |  September 24, 2020
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THE FUTURE OF Finance

Last-Minute $5 Million Relieves State’s Election Pressures

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.

By Caitlin Byrd, The State  |  September 24, 2020
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THE FUTURE OF Finance

Miami-Dade Passes $9B Budget, Warns of Difficulty Next Year

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.

By Douglas Hanks, Miami Herald  |  September 18, 2020
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THE FUTURE OF Finance

House Caucus Pushes for a Fresh $1.5 Trillion Stimulus

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.

By Benjamin Kail, MassLive.com  |  September 15, 2020
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THE FUTURE OF Finance

Detroit’s Revenue Loss Estimate Grows to $410 Million

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.”

By Christine Ferretti and Kalea Hall, The Detroit News  |  September 14, 2020
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THE FUTURE OF Finance

Public Pensions’ New Inflation Dilemma

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.

By Girard Miller, Finance Columnist  |  September 15, 2020
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THE FUTURE OF Finance

Questionable PPP Loans Amount to at Least $20 Million

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.

By Ben Wieder and Meghan Bobrowsky, McClatchy Washington Bureau  |  September 10, 2020
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THE FUTURE OF Finance

Sacramento Will Build Public Fund Without Defunding Police

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.

By Theresa Clift, The Sacramento Bee  |  September 10, 2020
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THE FUTURE OF Finance

Despite Budget Deficit, California Hopes to Spend $600M More

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.

By Sophia Bollag, The Sacramento Bee  |  September 2, 2020
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THE FUTURE OF Finance

Layoffs for City Workers While Corporate Contracts Continue

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.

By Shant Shahrigian, New York Daily News  |  September 1, 2020
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