Facing an economic pounding from the popping of the state’s housing bubble, Nevada Gov. Jim Gibbons announced broad-based 4.5% reductions to the current-year budgets of most state agencies. The cuts are to include the corrections department, the public safety department, and K-12 education. The cuts exclude child welfare and juvenile justice programs, and scheduled salary increases for teachers and state employees. Gibbons also plans to eliminate or defer some budgeted capital improvement projects, and cut between $100 million and $200 million that had been scheduled to go into the state’s rainy-day fund. Sales tax revenues have been coming in below budget projections in the wake of the housing crunch. Nevada doesn’t have an income tax.
-
The California Supreme Court will hear a case challenging the state's 2013 pension changes, after seemingly settling the issue with a 2020 ruling.
3h ago -
The "impressive" investor appetite for tax-exempts has been "holding steady all quarter despite expensive valuations, supply surges and periods of low reinvestment demand," said GW&K Investment Management strategists in a report.
4h ago -
As space becomes an increasingly important frontier for development and competition, spaceports should enjoy the same financial benefits as airports and seaports, say supporters of the federal legislation.
6h ago -
The governor should have involved the legislature earlier in decision making on how to give the Water and Power Authority money to make a bond payment, lawmakers said.
7h ago -
A Utah law may be tapped to issue bonds to renovate a downtown Salt Lake City basketball arena to accommodate the former Arizona Coyotes.
7h ago -
Along with UBS' departure from the negotiated underwriting space, various firms have hired talent from both firms to increase their primary and secondary market presence. Many hope for some positive effects in both competition and secondary market liquidity as a result.
9h ago