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.
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.
The merger will combine departments that oversee zoning and permitting, the 311, non-emergency line, real estate deals and workforce challenges. At least one office is eliminating 5 positions.
The proposal would increase property taxes to fund new sidewalks, bike lanes, and other transportation infrastructure. It would replace a $930 million levy expiring this year.
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.
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.
Poor planning, bad timing and political considerations all make overruns practically a given.
Seventeen vehicles were set on fire in May. The city’s fleet of police cars may not be fully replenished due to supply chain delays and a narrow ordering window.
State lawmakers will likely place two bonds, one for climate change impacts and one for school repairs – each worth $10 billion – on the November ballot. The bonds will require a two-thirds approval from both chambers to reach the ballot.
Workforce shortages are affecting many areas of government, but public finance is particularly hard hit. Shortages of accountants are a severe problem, with too few candidates replacing aging employees.
Frank White was a Hall of Fame second baseman for the Royals. As county executive, he persuaded voters that sales taxes for a new stadium were a bad idea.
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.
The current transportation budget falls short of the state’s litany of needs. As lawmakers prepare to craft a major transit package next session, they will need to figure out how to increase revenue streams despite logistical and political challenges.
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