Internet Explorer 11 is not supported

For optimal browsing, we recommend Chrome, Firefox or Safari browsers.

The Future of Finance

New Jersey lawmakers are fast-tracking a bill that would reform the state’s pension law to tighten criteria under which former government workers convicted of on-the-job misconduct should lose some or all of their pension.
Political groups have spent thousands of dollars to sway voters in their favor for measures 112, 113 and 114. One committee spent more than $1.5 million to get Measure 113 on the ballot and another $24,000 since.
A short-term funding bill from Congress could allot as much as $1 billion to help low-income Americans offset home heating assistance amid rising energy costs. If approved, Connecticut could receive $20 million.
Economic uncertainty, caused by high inflation rates, the COVID-19 pandemic and international crises, at the state and national level has prompted Gavin Newsom to reject several bills in an effort to maintain a cushioned budget.
The president’s forgiveness of student loans aroused plenty of controversy. State and local governments can help craft a more sustainable federal plan that could help to relieve their own workforce shortages and staffing costs.
The State Employees’ Retirement System has sunk to $34.5 billion, a quarterly decrease of 8.5 percent. The system funds more than 70,000 older state and public school retirees with pension payments that haven’t changed since 2004.
A recent poll found that for 69 percent of likely voters, cost of living, jobs and the economy combined to rank as the highest-priority issue for the upcoming election, with 87 percent ranking cost of living and the economy as the two most important.
A White House fact sheet estimates that 408,700 borrowers across the state are eligible for some form of federal student loan debt forgiveness, 248,900 of whom could get $20,000 wiped. Iowans owe a total of $13.3 billion in student debt.
Commissioner of Administration Jay Dardenne feels confident that the state will, once again, have money remaining from the current fiscal year for use in the next one. But if the state is required to pay for storm damage cleanup costs, that number could change.
The money will be used to build upon the state’s existing base of electric vehicle chargers over the next two years. The Department of Energy listed nearly 1,300 public chargers across the state at 465 designated stations.
The most expensive item on the November ballot will be a general obligation bond measure that could end up being the largest revenue stream in the city’s history, increasing property taxes by $40.91 per every $100,000 in value.
The MBTA is facing a budget deficit that could swell once federal relief funds run out. The money has already been used to help stabilize the agency’s budget. Without the aid, the 2022 budget would have had a $132 million deficit.
A legislative audit of the state’s $290 million program found that the distribution rate of the funds was slower than predicted and a random sampling of grants found that 39 percent had at least one error while 13 percent were unallowable.
An audit found that Massachusetts’ third largest city has made progress with the debt in its employees’ pension system, with 39 percent of future obligations covered. But there is still a long way to go to reach solvency by 2033.
The legislation would provide $400 million worth of tax credits to reimburse a portion of union members’ dues payments starting in 2024; it’s not yet clear how much each member would be eligible to receive.
The state’s House Ways & Means Committee began to study the possibility of removing individual and corporate income taxes, which would require significant reworking of property, sales or other taxes to offset the loss in revenue.
The tax credit would give an incentive for people to enter into the workforce by supplementing their wages with a break on income tax, a credit that would eventually go away as the worker makes more money and stays in the workforce longer.
Private equity interests have lurked behind the skirts of public pensions to dodge higher income taxes. Now Big Tech moguls are trying to play public servants for patsies to fight stronger federal antitrust laws.
An estimated 54 percent of older women and 45 percent of older men who live alone have incomes below what is needed to pay for essentials. The financial effects of COVID-19 and the rising cost of living are to blame.
Mayor Daniella Levine Cava has proposed a county program that would provide landlords with monthly subsidies to help reduce rental costs. If approved, the partially taxpayer-funded program would go into effect in 2023.
Mayor Satya Rhodes-Conway’s budget would build bus rapid transit, support lower-cost housing and provide funds for the Madison Public Market. The budget includes no unexpected big-ticket items.
Gov. Charlie Baker signed sports wagering legislation into law on Aug. 10 but its ban on wagers for in-state schools will likely leave money on the table for the state.
Mayor Lori Lightfoot is under an unflattering spotlight for her signature move tying taxes annually to the consumer price index. Meanwhile, the city council is about to receive a huge inflation-linked pay raise.
Financial experts say the Florida governor’s ban on so-called “woke” investment policies that consider “environmental, social and governance” issues may affect pensions for state retirees. But others disagree on the ban’s impact.
The Florida county announced plans on Aug. 30 to distribute a new round of rental assistance starting on Oct. 1. Eligible applicants could receive as much as $20,000 or 18 months of assistance.
As with pension fund divestment policies, it’s tempting for states and local governments to blacklist companies over their public policy stances. But it’s the taxpayers who are likely to be the collateral damage losers.
Fuel, energy and food costs have soared while teacher shortages have increased pressure to raise wages. The financial problem has hit as education emerges as a central issue in the Iowa governor’s race.
The Broward County city’s mayor and commissioners voted unanimously on Aug. 23 to give themselves raises, increasing the mayor’s and commissioners’ salaries by 166 percent and 156 percent, respectively.
The Chicago Transit Authority is hoping to finally make good on a promise to expand a subway line to the southern edge of the city. First it needs the City Council to agree to a plan for raising billions of dollars to support the project.
Roads and water infrastructure top the list of local priorities, but broadband expansion and clean energy projects are proving popular as cities face increased demand for these newer technologies.