Special Report
2010 Fiscal Ferment
Click here for the latest on state & local budget battles
Detroit Plans Deficit-Easing Debt
$250M Deal With State-Aid Backing
By Caitlin Devitt | Mar 09CHICAGO — Detroit will enter the market Thursday with $250 million of state aid limited-tax general obligation bonds that the city will use to erase a chunk of its accumulated deficit. [Free]
N.Y. Gov. Paterson Awaits Briefing On Ravitch Deficit-Borrowing Plan
By Ted Phillips | Mar 09New York Gov. David Paterson has long railed against deficit borrowing to help the state out of its fiscal mess, but such a plan could be under discussion, the governor said yesterday.
Harrisburg Mayor Vetoes Budget Over Lack of Debt Service
By Michelle Kaske | Mar 08Harrisburg Mayor Linda Thompson Friday vetoed the Pennsylvania capital city’s $65 million fiscal 2010 budget because it doesn’t include current-year debt service obligations to bondholders on $282 million of outstanding incinerator debt.
N.Y.C. Looking Nervously at State Budget
By Ted Phillips | Mar 05The recession has dealt New York City’s economy a better hand than expected, but city officials yesterday painted New York State’s budget problems as the wild card still in the deck.
Deal in Focus
California Ready for Its Return to GOs
By Rich Saskal | Mar 05SAN FRANCISCO — After a legislative kerfuffle that caused a one-week delay, California is on track to return to the bond market next week with a $2 billion general obligation bond deal. [Free]
D.C. Sets $696M Refunding to Stay Under Its Debt Cap
By Patrick Temple-West | Mar 05WASHINGTON — The District of Columbia on Tuesday expects to issue $711.2 million of income-tax secured revenue bonds, including $696 million of refunding bonds that will reduce outstanding debt to keep the city under its 12% debt-to-expenditures cap.
Dallas Council Boosts Refunding in $330M GO Sale
By Jim Watts | Mar 05DALLAS — Dallas will take as much as $330 million of general obligation debt to market next week after the City Council voted Wednesday to increase the refunding component to a maximum of $170 million.
New Mexico Lawmakers OK $5.6B Budget With Near-Record Tax Hike
By Richard Williamson | Mar 05DALLAS — The New Mexico Legislature has approved a $5.6 billion budget in a special session that balances spending with the largest tax increase in more than 20 years while cutting spending by $100 million.
Trend in the Region
Indianapolis Mayor Floats P3 Plan
Ballard Eyes Water, Sewer System Sales
By Caitlin Devitt | Mar 03CHICAGO — Faced with aging infrastructure and a pledge to not raise taxes, Indianapolis Mayor Greg Ballard wants to use public-private partnerships to raise new revenue that could fund water and sewer upgrades and other citywide projects. [Free]
N.Y. Deficit Revised Up by $850 Million
By Ted Phillips | Mar 03New York’s projected deficit in the current fiscal year and fiscal 2011 grew by $850 million since last month, according to consensus revenue projections released by the Legislature and governor’s office late Monday night.