Michelle Kaske

Pennsylvania Gov. Tom Corbett took office Tuesday, pledging to reduce the size of government and implement fiscal restraint.

Massachusetts estimates that it will collect $20.51 billion of tax revenue in fiscal 2012, about $740 million more than the projected revenue for fiscal 2011, as Gov. Deval Patrick Tuesday announced pension-reform initiatives.

Harrisburg’s $56 million 2011 budget remained uncertain Friday afternoon as Mayor Linda Thompson continued to review the spending plan.

Harrisburg could receive a financial recovery plan by ­­mid-May as Pennsylvania ­Wednesday announced that Novak Consulting Group will head a team of advisers to work with city ­officials on a fiscal strategy.

Nancy Winkler, a long-time adviser at Public Financial Management Inc., will leave the private sector to become Philadelphia’s treasurer on Jan. 31.

Democrats aim to scale back scheduled toll increases on the New Jersey Turnpike after Gov. Chris Christie terminated a Hudson River commuter-rail tunnel they were meant to help finance.

NEW YORK - The Novak Consulting Group will head a team of advisers to help Harrisburg develop a recovery plan and address $282 million of outstanding incinerator debt.

TRENTON — New Jersey Gov. Chris Christie Tuesday delivered his first state of the state address, pledging to reform the state’s tax structure and continue spending cuts.

New Jersey now has until Jan. 18 to repay $271 million to the Federal Transit Administration for a canceled commuter-rail tunnel. The previous deadline was Monday.

The New Jersey Economic Development Authority will issue $1.94 billion of refinancing debt Tuesday and Wednesday to switch variable-rate school facilities construction bonds into fixed-rate mode. The bonds are secured by the state’s appropriation pledge.

New Jersey and its bonding entities will begin assessing how often women- and minority-owned underwriters serve as book-running managers on debt transactions after a bill requiring such reports became law last week.

Moody’s Investors Service last week assigned a negative outlook to A3-rated Trenton, affecting $371 million of outstanding parity debt.

The Massachusetts Bay Transportation Authority is considering leveraging future parking revenues through a proposed nonprofit entity to generate up to $325 million and help pay down outstanding debt.

TRENTON , N.J. — New Jersey Gov. Chris Christie announced a plan Thursday to borrow $4.4 billion of bonds during the next five years to help finance road, bridge and mass-transit projects throughout the state.

New Jersey should issue $2.7 billion of general obligation bonds to help finance a backlog of capital projects at its public universities and colleges, according to a report released late Tuesday.

Robust December collections boosted Pennsylvania’s tax receipts to $191.2 million above budgeted estimates for the first half of fiscal 2011.

New Jersey’s Treasury Department announced Thursday that the state and its municipalities have a combined unfunded pension liability of $53.9 billion, an increase in 2010 of more than $8 billion.

In an effort to get more merchants to collect and pay sales taxes to the government, Puerto Rico plans to turn sales receipts there into lottery tickets.

Pennsylvania Governor-elect Tom Corbett last week appointed former state Secretary of Education Charles Zogby to serve as budget secretary.

Moody’s Investors Service last week downgraded $1.4 billion of Maine Health and Higher Educational Facilities Authority reserve fund bonds to A1 from Aa3 due to a new rating methodology for pooled debt programs.