Far West

The median level of state reserves declined by 21.5% in fiscal year 2014 and is expected to decline further this fiscal year, according to the Pew Charitable Trusts.

The Senate Finance Committee took a step toward comprehensive tax reform on Thursday by launching five bipartisan working groups charged with issuing a report with recommendations by the end of May.

California Gov. Jerry Brown’s budget dedicates additional funding to schools from boosted revenues for operating costs, but he proposes to shut down the state's K-12 school bond program.

Paul Rosenstiel, a managing director of public finance at Stifel, Nicolaus & Co, has been reappointed to the California State Teachers' Retirement Board by California Governor Jerry Brown.

Fitch Ratings downgraded Oroville Elementary School District to A-plus from AA-minus based on a structural imbalance that has steadily eroded the district's previously solid fund balances.

Moody's Investors Service affirmed its A1 underlying long-term rating on Queen Health System of Hawaii ahead of its plans to price $403 million in revenue bonds.

Jury selection began Tuesday in a federal class action lawsuit accusing the former Morgan Keegan & Co. Inc. of securities fraud for its role in underwriting $39 million of defaulted bonds for a failed artificial sweetener plant in Moberly, Mo.

Sen. Dean Heller, R-Nev., has introduced a bill that would make the deduction for state and local sales taxes permanent, while Rep. Bob Goodlatte, R-Va., has introduced a bill that would make the moratorium on taxing Internet access permanent.

A union opposed to the sale of nonprofit California hospital system Daughters of Charity to a for-profit operator has filed a National Labor Relations Board complaint as it fights to derail the transaction.

The Internal Revenue Service has announced a simplified process for issuers that have loaned proceeds of qualified 501(c)(3) bonds to borrowers that automatically lost their tax-exempt status for failing to file annual returns or notices for three consecutive years, but have subsequently received reinstatement of their tax-exempt status from the IRS.