New York

The diverse structure of New York’s debt poses a significant danger to the state economy’s financial wellbeing: the risk the government and its public authorities might lose access to credit in a fiscal or market crisis.

The Volcker Alliance looks at the state’s outstanding municipal bonds and $83 billion in other obligations and suggests improved transparency and oversight.

As the MTA works toward a post-pandemic future, Kevin Willens, formerly co-head of public finance at Goldman Sachs, becomes its chief financial officer.

The budget proposal reflects the state’s improving financial position, due in part to aid from the federal government.

California officials blame a new electronic records system for reporting delays that worsen every year, though other states don't have the same problem.

Mayor Eric Adams’s proposal to ask the state to raise the Transitional Finance Authority’s bonding authority by $19 billion is being opposed by Comptroller Brad Lander.

Gov. Kathy Hochul's “New Era for New York" initiative includes a $10 billion healthcare proposal, a $1 billion plan to help small businesses, middle-class tax relief, ethics reforms and limiting statewide elected officials to two terms.

"There is no person who has done more to keep the New York City budget sound than Ronnie Lowenstein,” says Richard Ravitch. "She is a remarkable public servant.”

Marjorie Henning was named deputy comptroller for public finance and Michael Haddad is interim chief investment officer and deputy comptroller for asset management.

Despite its snowy reputation, the region sees itself as a climate refuge due to cooler temperatures, reliable infrastructure and Lake Erie freshwater.

The window of opportunity is open thanks to new projects, new state and city leadership, emerging projects and better systems to benefit travelers.

The New York State Common Retirement Fund also said it invested $2 billion in an index focused on reducing the risks of climate change and capitalizing on opportunities in the transition to a low-carbon economy.

The pandemic, and now the spreading of the omicron variant, exposed nationwide disparities in Internet access with the transition to remote work and learning.

Pandemic or not, major projects must continue, say New York Gov. Kathy Hochul and the Port Authority.

One-shot federal aid and pending labor contracts require budgetary diligence, Scott Stringer says.

Most states with remaining balances totaling $39.3 billion want more time to enact a plan to repay the loans taken out to manage pandemic-driven job claims. Interest began accruing in September.

The agreement will move along the Penn Station Access commuter rail undertaking and East River tunnel fix-ups.

Alex Doñé will leave the city comptroller's office at year's end when Scott Stringer's term ends; deputy CIO Michael Haddad will fill the interim position.

The port's operating revenue will continue to recover, enabling it to return to a total net revenue debt service coverage ratio of 1.75 times by 2023, the rating agency said.

New York's incoming mayor must balance some short-term fiscal advantages with longer-term concerns.