California’s slowdown in state revenues could result in politically difficult budget adjustments to maintain positive budgetary reserves, with a possible return to a deficit fund balance position on the horizon, according to a report Standard & Poor’s released Tuesday. The report was part of an annual review of state governments around the country, and its content reflects the rationale the rating agency used Nov. 20 when it revised its outlook on California’s A-plus credit rating to stable from positive. “The state budgeted a small 1% net revenue operating surplus in 2008, but slow revenue growth and unexpected expenses already incurred by the state could produce a deficit,” the report said.
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"Bond market investors are all wishing that April was behind us as they are anxious to hear the Fed's statement at its next FOMC meeting," noted BofA Global Research. "The statement should be no surprise as the market consensus has converged to 'higher for longer' rates.
5h ago -
CDIAC's revamped website, which launches May 1, will offer accessibility to state and local debt from issuance through maturity; and the ability to create summary reports based on search features.
6h ago -
The Governmental Accounting Standards Board is looking for feedback on disclosure requirements related to infrastructure projects.
7h ago -
The MSRB is warning investors that the redemption of Build America Bonds under an extraordinary redemption provision could result in losses, especially for those purchased at a premium.
9h ago -
With billions of federal funding available from the Infrastructure Investment and Jobs Act, one observer says it could be limiting the amount of municipal bonds issued by the sector.
11h ago -
Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.
April 26