The state's backlog of unpaid bills will grow to $35 billion by 2026 if it doesn't make any structural budget fixes, according to a new forecast.
The authority is altering many of its operations and organizations, including exploring public-private partnerships and renewable energy resources.
Such moves could reduce costs by up to $180 million in present-value savings, Joe Torsella said.
The state has been coping with the economic fallout of COVID-19 and a burgeoning second wave that is expected to challenge the commonwealth’s finances and burden its healthcare system.
Municipals were steady to stronger ahead of $11.5 billion of supply as requests for new municipal bond identifiers surged almost 40% last month.
A federal judge has set a Feb. 10 deadline for the Oversight Board to file “an informative motion presenting a term sheet disclosing the material economic and structural features of an amended plan of adjustment.”
Local governments are facing calls for tax relief as the pandemic slows the economy and they implement property tax reform legislation.
Financial markets should not fret if the Federal Reserve’s emergency lending facilities are not extended at the end of this year, when all but one are due to expire, Federal Reserve Bank of St. Louis Fed President James Bullard said.
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Financial markets should not fret if the Federal Reserve’s emergency lending facilities are not extended at the end of this year, when all but one are due to expire, Federal Reserve Bank of St. Louis Fed President James Bullard said.
November 13
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The latest wave of COVID-19 outbreaks in the U.S. may weigh on economic growth in the coming months, Federal Reserve Bank of New York John Williams said.
November 13
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Mayor Lori Lightfoot's budget plan strikes the right balance between structural and one-time measures amid the coronavirus, says Jennie Huang Bennett.
November 13
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The $4.3 billion deal will test the state's low bond ratings — punctuated by another downgrade — against the municipal market's continuing demand for paper.
November 13
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The comptroller said the Taxi Workers Alliance proposal puts a floor under loan losses by guaranteeing city purchase of any defaulted medallions.
November 13 -
A school official called the coronavirus-related hit "a temporary blip," and said the rating agency moved too quickly.
November 13 -
Three of the world’s top central bankers warned Thursday that the prospect of a COVID-19 vaccine isn’t enough to put an end to the economic challenges created by the pandemic.
November 12
