California’s slowdown in state revenues could result in politically difficult budget adjustments to maintain positive budgetary reserves, with a possible return to a deficit fund balance position on the horizon, according to a report Standard & Poor’s released Tuesday. The report was part of an annual review of state governments around the country, and its content reflects the rationale the rating agency used Nov. 20 when it revised its outlook on California’s A-plus credit rating to stable from positive. “The state budgeted a small 1% net revenue operating surplus in 2008, but slow revenue growth and unexpected expenses already incurred by the state could produce a deficit,” the report said.
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Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
April 25 -
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
April 25 -
It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
April 25 -
Photos from The Bond Buyer's Texas Public Finance conference.
April 25 -
The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
April 25 -
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
April 25