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Moody's cited heavy reliance on reserves, potential for continued operating deficts, and a fall 2024 decline in enrollment as factors in the downgrade.

A bipartisan agreement on a continuing resolution to keep the government open fell apart after intervention from President-elect Trump and Elon Musk, raising concerns about federal funds flowing to states, local governments, and infrastructure projects.

The central Texas city of Clyde said it issued tax and revenue anticipation notes with a 9.5% interest rate to repay its insurers after an Aug. 1 bond default.

It's hard enough convincing local governments to spend money on cyber insurance that covers ransomware attacks, said Omid Rahmani, public finance cybersecurity lead at Fitch Ratings. The new and very specific threat of a hacked financing process, is "absolutely" underappreciated by the public finance industry.

The challenge to the 2022 approval of bonds for a PACE program could "catastrophically undermine" the finality of all Florida bond validations, the agency said.

As the market prepares for 2025, there's a lot of uncertainty around what the new administration will mean for the macroeconomic environment and interest rates, the latter of which may be impacted by policy around the deficit, said Steve Shutz, portfolio manager and director of tax-exempt fixed income at Brown Advisory.

Robert McDermott has joined the firm as a director.

Despite the approval, hurdles remain, including the team's request for more money from the government, which they say delayed approval of the bonds, leading to additional construction costs.

A continuing resolution that included federal funding for the repair of the Key Bridge in Baltimore and transferring the RFK stadium site to the city of Washington collapsed under pressure.

The NFMA has floated best disclosure practices for public power agencies that ask for more data on climate and resiliency goals.