Gov. Jennifer Granholm said more budget cuts could be expected next year but that overall, Michigan is on a more solid fiscal footing after the recent, tumultuous legislative sessions that resulted in a series of spending cuts and tax increases to balance the 2007 budget. Speaking of her goals in 2008 at a press conference last week, the governor also said she is “not interested” in raising any more taxes next year, including a gas-tax hike that has been proposed by various business groups. Granholm said the state will likely have to make more budget cuts next year, but the process will not be as difficult as in fiscal 2007, when political quarrelling over cuts and tax increases nearly resulted in a full government shutdown. The budget was balanced with more than $440 million in cuts and $1.3 billion in tax increases.“There’s still some shakeout that has to occur in the manufacturing industry, and 2008 will be a year of transition. This will not be cured overnight,” she said. “We will have to do more cuts and more reforms.”To finance badly needed road repairs across the state, Granholm said she wants to secure a greater portion of federal gas-tax dollars and has also formed a new state task force to study alternative funding solutions. “I think raising a gas tax now is impossible,” she said. “I think we have to look at other ways to fund transportation.” The Michigan Infrastructure & Transportation Association has proposed raising the state’s current 19-cent gas tax by three cents a year over the next three years.
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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.
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The bond plan, a key priority for Mayor Brandon Johnson, will be paid for with revenue gained by letting tax increment financing districts expire.
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Moody's Ratings on Monday revised Illinois' outlook to positive from stable and affirmed the state's A3 issuer rating and the A3 rating on its GO debt.
April 23 -
"Bifurcated demand reflects the persistent bid strength from [separately managed accounts] and retail investors, not to mention more accounts marshaling cash and liquidity up front while the Fed perspective evolves," said MMA's Matt Fabian.
April 23 -
In a move that kicks the can down the road at the very least, the Commission has begun a process that often results in outright rejection.
April 23 -
The 2022 law, which has so far banned three major investment banks from underwriting municipal bonds in Oklahoma, could be amended to limit its reach to state agencies.
April 23