DiNapoli: N.Y. City Outyear Gaps Manageable
New York City projects a balanced budget and manageable out-year budget gaps under current economic conditions, State Comptroller Thomas DiNapoli told the Financial Control Board.
Image: Bloomberg News
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Rockland County, N.Y. county executive Ed Day hailed Moody's Investor’s Service upgrade of his county's general obligation bonds to Baa2 from Baa3.  more »
Puerto Rico Electric Power Authority bonds are trading at low prices compared with those other issuers that have drawn on their debt service reserves, as investors weigh risks that range from the island's public corporation debt restructuring act to political pressure to restrain power prices.  more »
UBS is facing more than $600 million in damage claims filed by Puerto Rico investors in closed-end bond funds, the bank said in its second quarter earnings report Tuesday.  more »
The MBTA Retirement Fund defended its performance and called a highly critical Pioneer Institute report 'preconceived."  more »
Projected higher tax revenues and pension savings may narrow New York City's outyear budget gaps, according to city Comptroller Scott Stringer.  more »
New York's MTA proposed a $14.2 billion fiscal 2015 budget and four-year financial plan that assumes an average annual increase of $260 million to labor costs stemming from two settlements.  more »
Trains are now carrying passengers on the first segment of Washington rail system extension funded with $3 billion of federal loans and toll revenue bonds.  more »
Cronyism and “endemic” conflicts of interest make the pension fund of Greater Boston transit employees a cautionary tale, said a report by Pioneer Institute.  more »
The finance committee of New York's MTA approved a motion to issue special obligation taxable refunding bonds that would fully pay defeased bonds at their early redemption rate and could save the authority $32 million.  more »
New York City's five public employee pension funds achieved a 17.4% investment return for fiscal 2014 to bring their total fund value to a record-high $160.5 billion, Comptroller Scott Stringer announced. "Five years of positive returns are good news for the pension funds and for the city," Stringer said. "The city will benefit significantly from the savings generated by these investment returns. Any year in which the pension funds achieve double the assumed rate of return…  more »
The Port Authority of New York and New Jersey board of commissioners has elected John Degnan as its new chairman.  more »
The Connecticut Bond Commission approved the authorization of nearly $15 million in funding for nonprofit organizations.  more »
Many analysts see a default by the Puerto Rico Electric Power Authority as a probability, though they differ in how that would happen and what the impact of the default would be on other Puerto Rico credits.  more »

Since the release of the Securities and Exchange Commission's final municipal advisor registration rule in September 2013, the Bond Dealers of America and its members have dedicated significant efforts and resources to work with regulators, educate issuers and ultimately be prepared to make a successful implementation of the rule.

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