Stringer Projects Widening New York City Budget Gaps
New York City faces outyear budget gaps of as high as $4 billion by fiscal 2019 according to an analysis by city Comptroller Scott Stringer.  more »
"Tax revenues have grown for seven years in a row, but the rate of growth is slowing," said New York City Comptroller Scott Stringer.
Atlantic City Mayor Don Guardian said the distressed gaming hub will make its bond payments due Monday, rebutting a report from Moody's Investors Service that said default was likely.  more »
ROCKLAND, Maine -- City councilors agreed Wednesday evening to place three bond issues on the municipal ballot in November, asking residents to approve $14 million in borrowing for sewers, roads and the library.  more »
Atlantic City will default unless reaches agreement with the New Jersey state government on a bridge loan, according to Moody's Investors Service.  more »
New York MTA expects to save roughly $152 million in interest from its planned $1 billion sale of Hudson Yards lease securitization bonds, said CFO Robert Foran.  more »
Puerto Rico won't set aside money to pay general obligation debt and will set up an emergency spending fund, under bills signed by Gov. Alejandro García Padilla.  more »
The New Jersey State Senate is pressing ahead with a new gas tax bill to replenish the state's Transportation Trust Fund despite opposition from Gov. Chris Christie.  more »
S&P Global Ratings said it has lowered its ratings on Virgin Islands Water and Power Authority's (WAPA) electric system revenue bonds, with the senior-lien debt dropping to BB-plus from BBB-minus, and the rating on the authority's subordinate-lien debt falling two notches to BB-minus from BB-plus.  more »
The Rhode Island Health and Educational Building Corp. reported saving $13.4 million in its $86.4 million bond refunding for public schools.  more »
House Speaker Paul Ryan, R-Wis., announced on Monday that Sen. Orrin Hatch, R-Utah, would serve as the chairman of the Congressional Task Force on Economic Growth for Puerto Rico.  more »
Federal corruption charges against a former state treasurer did not motivate a probe of Pennsylvania's two public pension systems, said state Auditor Eugene DePasquale.  more »
WEST HAVEN -- The City Council, by an 8-1 vote, approved a deficit financing plan Monday night that will sell bonds to pay off the city's $16.3 million cumulative general fund unassigned fund balance deficit over 10 years.  more »
New York's property tax levy cap will be below 1% in 2017, and that is a credit negative for local governments throughout the state that are hampered by an ability to raise revenue, according to Moody's.  more »
Pennsylvania Auditor Eugene DePasquale plans to investigate the state's two largest pension systems, saying he wants to ensure that both systems are operating as efficiently and transparently as possible.  more »

Maria Doulis of the watchdog Citizens Budget Commission and Howard Cure of Evercore Wealth Management dissect New York City's $82 billion budget with Bond Buyer Northeast regional editor Paul Burton. They explore efficiencies, debt management, reserves, the economy, the capital budget and Mayor Bill de Blasio's plan to overhaul Health + Hospitals.

Not enough has been done to provide municipal issuers, obligated parties and underwriters the clarity sought and needed by the market.

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