New Jersey's $32.7 billion budget for its shortened nine-month fiscal 2021 includes the state's largest reserve levels in more than a decade as a backstop for revenue hits that may result from a possible second wave of coronavirus.
“What purpose do reserves serve if we don't utilize them in times when you have a problem?” one alderman asked.
The package includes $436 billion for state and local governments, $225 billion for education, $32 billion for transit emergency relief, and $13.5 billion for airports.
East Providence Mayor Bob DaSilva and Planning Director Bill Fazioli tout the Rhode Island city's initiatives, including brownfield site conversions. Paul Burton hosts. (18 minutes)
Even with revised estimates amid the pandemic, year-over-year revenue collections in Florida were down 4.6% in August compared with 2019.
The North Texas Tollway Authority's $758.3 million refunding will provides short-term principal relief after the coronavirus caused lost toll revenue.
Chicago's $1.2 billion airport refunding will smooth out fiscal operations through next year amid a massive decline in airline travel.
Michigan avoided deep cuts for fiscal 2021 but is still lobbying for federal relief to make up for coronavirus-driven tax losses as a fiscal 2022 gap looms.
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Michigan avoided deep cuts for fiscal 2021 but is still lobbying for federal relief to make up for coronavirus-driven tax losses as a fiscal 2022 gap looms.
September 25
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Florida State University's voluntary disclosure on lower dormitory occupancy is an example of providing timely information, Moody's Investors Service said.
September 24
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Federal Reserve Bank of St. Louis President James Bullard, in the most upbeat comments by a central banker since the start of the COVID-19 outbreak, said the U.S. economy may surge at a 35% annualized rate in the third quarter and the nation may be close to a complete recovery by year-end.
September 24
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Johanna Som de Cerff of the IRS Office of the Associate Chief Counsel spoke during an online presentation to the National Association of Bond Lawyers.
September 24
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Mayor Bill de Blasio expanded furloughs to all managerial and non-represented employees while City Hall also faces an alarming coronavirus spike in some neighborhoods.
September 24
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Pledging the payroll mobility tax would get the authority a lower Municipal Liquidity Facility interest rate, board member Lawrence Schwartz said.
September 24
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The city's use of reserves to manage past deficits drove a two-notch downgrade from S&P Global Ratings, to A from AA-minus.
September 23
