Michelle Kaske

New Jersey Acting Treasurer Andrew Eristoff Thursday told a Senate committee that the New Jersey Transportation Trust Fund Authority may refund bonds to help generate needed borrowing capacity in fiscal 2011.

NJ Transit may increase fares on buses and trains as early as May to help absorb a $33 million funding cut from the state and help plug a projected fiscal 2011 deficit of nearly $300 million.

The Harrisburg Authority's incinerator debt has enough funds in its debt-service reserve accounts to meet a March 1 payment to investors, according to Assured Guaranty Municipal Corp.

Cash-strapped Harrisburg, Pa., could miss a March 1 debt-service payment of $2 million on debt backed by Pennsylvania’s capital city, according to city Controller Dan Miller.

TRENTON, N.J. — New Jersey Gov. Chris Christie yesterday declared a fiscal emergency and announced his plans to withhold $475 million of school aid, as well as cut funding to New Jersey Transit, higher education, hospitals, and other programs to fill a $2.2 billion fiscal 2010 billion deficit.

Massachusetts Gov. Deval Patrick yesterday filed new legislation for tax credits and borrowing initiatives for small and medium-sized businesses to help promote job growth.

With an eye beyond the next fiscal year, Pennsylvania Gov. Edward Rendell yesterday released his fiscal 2011 budget proposal and urged a broadening of the state’s sales tax and corporate tax to help address projected deficits in the billions for fiscal 2012 and fiscal 2013.

The University of Pittsburgh Medical Center next week will issue $720 million of tax-exempt revenue bonds, part of the health care provider’s $1.1 billion debt refinancing plan.

Puerto Rico’s fiscal 2010 tax revenues are on target to collect $3.4 billion of tax receipts from July through December, $10 million above budgeted estimates.

Puerto Rico Gov. Luis Fortuño last week in his state of the commonwealth address pledged to lower taxes for all Puerto Ricans as a newly created tax reform committee will work on revamping the island’s tax system.

New Jersey Gov. Chris Christie yesterday announced that an advisory commission will draft proposals to strengthen the state’s gaming industries and entertainment venues, as well as suggest ways to improve New Jersey Sports and Exposition Authority operations.

A Newark, N.J., bankruptcy court Tuesday approved St. Mary’s Hospital’s reorganization plan, a move that will now require New Jersey to pay $1.5 million per year through 2027 to help meet debt service payments on state contract bonds sold on behalf of the health care provider.

Pennsylvania lawmakers are moving forward with bipartisan legislation that would prohibit cities, towns and school districts throughout the state from entering into swap agreements.

New Jersey Gov. Chris Christie last week updated financial information presented in bond documents, including an estimated $1.52 billion current-year state budget deficit and the limited status of New Jersey Transportation Trust Fund Authority funds.

Massachusetts Gov. Deval Patrick yesterday released a $28.2 billion fiscal 2011 budget proposal that includes a plan to restructure up to $300 million of general obligation debt that otherwise would come due in fiscal 2011.

The Puerto Rico Sales Tax Financing Corp. Wednesday plans to sell $1.4 billion of subordinate sales-tax bonds that will finance the commonwealth’s stabilization fund and help balance the current fiscal 2010 budget.

Moody’s Investors Service last week downgraded the Ohio Valley General Hospital to Baa3 from Baa2. The outlook remains negative.

New Jersey Gov. Chris Christie last week announced that state tax revenue through June 30, the end of fiscal 2010, are expected to come in $1.1 billion below budgeted estimates.

A group of Allegheny County, Pa., residents angered over the planned closing of Braddock Hospital are trying to stop a $1.17 billion University of Pittsburgh Medical Center refunding deal and anticipate filing suit against a state conduit agency if it moves ahead with the bond sale.

New York’s Metropolitan Transportation Authority will begin consolidating internal departments and maximizing its resources to produce savings and make the system more efficient, agency chairman and chief executive officer Jay Walder announced Friday.