The city faces a $250 million shortfall. It’s hired 4,000 more workers over the past decade and expanded services, but post-pandemic spending patterns have led sales tax collections to flatten.
States face a tricky year, with their own revenues stalling and federal aid running low.
Maryland’s Democratic governor has quickly gained a national profile and enjoys strong support at home. But a $3 billion budget shortfall is going to force him to make some unpopular choices.
The nation's largest health insurance program is likely to be cut in Congress this year to pay for other priorities. That could have profound ramifications for state budgets and the health-care system.
Recent laws to improve pension financing should save states tens of billions of dollars over the long term.
Governors, mayors and finance officers are treading water, awaiting the outcome and impact of a new Washington regime’s vows to slash federal spending and taxes. Meanwhile, state and municipal budgeters and debt managers will need to make intelligent guesses and pay more attention to their rainy-day funds.
State officials face challenges from shrinking revenue and major changes from Washington in shared programs such as education and Medicaid.
Farmers must destroy their flocks when bird flu is detected. With payments already exceeding $1 billion, the government will now require biosecurity audits.
State policymakers face a more challenging budget environment, even as they navigate policy questions in areas such as AI, insurance, environment, housing and much more.
The taming of inflation was the main financial story. Bond and capital markets were cooperative, even if voters upset about property taxes were not. Governors, mayors, finance directors and pension pros may soon look back wistfully at 2024’s business-as-usual atmosphere.
Iowa has helped prompt other states to adopt flat income tax rates. To bring down property taxes, the state has to address local government spending.
It makes sense that the Trump administration is looking for ways to cut spending. But the way they’re going about it is all wrong.
The way to make the federal government more efficient on a permanent basis is not one-time cuts but devolving authority over many programs to state governments.
In Connecticut, 40 percent say they’re either struggling or just getting by financially.
’Tis the season: State politicians love to proclaim temporary tax respites, but they rarely achieve their stated objective of boosting economic activity. Poor timing, poor design — or just a bad idea?
Only $599 million of the record $1.3 billion homelessness budget last year was actually spent. City Controller Kenneth Mejia blamed “a sluggish, inefficient approach” for the underspending.
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