Taxes
Covering topics such as bonds, cryptocurrency, federal aid and pensions.
Now 25,000 members strong, financially secure and long blessed with thoughtful leadership, the Government Finance Officers Association is poised to address the challenges to come for those who manage the public purse.
More than $1.73 billion will go to 603 Community Development Financial Institutions nationwide, with three in San Diego County receiving funds. Much of the money will go to small-business lending in low-income regions.
Culture wars over environmental, social and governance factors used by pension fiduciaries are in the spotlight, but it’s the municipal bond arena where long-term analysis must trump short-term symbolic politics. Sustainability actually matters to investors.
As the work-from-home revolution shows signs of creating a “two-tiered system” of public employment, government employees who can’t do their jobs remotely are going to expect to be paid a premium.
Population loss creates a challenging fiscal environment for local governments. But there’s no good reason for places to be struggling while tens of millions of people want to move to the U.S.
A charter amendment that was approved by voters in 2020 will restore financial control to the 15-member council, allowing them to reallocate funds without mayoral approval. The last time the council had this power was in 1898.
The amount that fire victims receive after taxes and attorney fees is sometimes as little as just 25 percent of the original award. A state bill would allow victims to subtract wildfire settlements from their taxable income.
Legislation in Gov. Kathy Hochul’s Executive Budget would mandate a new model for real property value appraisal of renewable energy projects that would negatively impact local municipal revenue.
The state-run company Citizens has warned it may impose a “hurricane tax” this year if another big, expensive storm, or a series of little ones, hit the state. The company now insures 1.2 million homeowners, a 50 percent increase.
The Chicago Metropolitan Agency for Planning is preparing a series of recommendations to address the transit fiscal cliff and governance challenges. State lawmakers told them to "be bold."
The project will focus mostly on digitizing items from the colonial and Revolutionary era, though documents from other time periods will be stored as well. The state’s Historical Society has amassed 3 million documents since 1838.
Letting all depositors off the hook creates a moral hazard, but taxpayer money should be protected. If Congress won’t extend full insurance to states and localities, banks should be required to protect those deposits with their own collateral.
The state’s latest proposal would create a flat income tax rate of 2.75 percent and would cut corporate property taxes and increase residential/agricultural property taxes. But experts say benefits of Ohio’s tax cuts are unclear.
A proposed bill would allow all police and firefighters enrolled in the state’s pension system an option to retire early with a reduced pension after 20 years of service. Opponents warn it could burden taxpayers.
State and local leaders will face implementation challenges of scale, complexity and accountability. To mitigate those and maximize the benefits of new federal programs, they need to have the right strategies in place.
The 2022 stock market plunge has taken a toll on some of the nation’s largest state and municipal pension funds, making it harder to pay for future retirement benefits to millions of K-12 teachers and other public employees.
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