Budgets

S&P Global Ratings cited the state's structurally balanced budgets and progress on improving the finances of its pension system.

The Aa2 rating was affirmed, but the negative outlook could raise the stakes as New York lawmakers debate the city's budget gap.

The ratings agency cited improved operating performance.

The Republican governor and GOP leaders of the state House and Senate will negotiate over three budget visions and a plan to cut local property tax revenue.

Gov. Gavin Newsom signed a bill authorizing $590 million of loans to keep public transit operators around San Francisco running amid post-pandemic conditions.

Mamdani's first proposal showed the worst-case scenario to close New York City's budget gap. He wants the state's help.

The lawsuit contends the city is not complying with a 2024 voter-approved charter amendment requiring increased spending on police.

New York City is in a challenging and defining time, and Mark Levine, a former City Council member and Manhattan borough president who will deliver a keynote address at The Bond Buyer's National Outlook event this Thursday, will play a key fiscal role.

Chicago Mayor Brandon Johnson has chosen Assistant Finance Commissioner Steven Mahr as the city's acting chief financial officer, two sources confirmed.

Chicago general obligation bond prices have dropped sharply since the start of the year, according to the Center for Municipal Finance's muni indices.

The bill was introduced by a state senator whose district includes a county that is struggling to roll over a privately placed tax anticipation note.

This would be the state's first bond issuance since 2023.

New Jersey says the Lakewood Township School District failed to deliver an adequate education. The district says it is shortchanged by state funding formulas.

After Mayor Brandon Johnson split the city's $260 million advance pension payment, more than 30 aldermen introduced a resolution calling for a special hearing.

New York City's longtime bad budgeting habits are coming back to haunt it, said Mark Levine, who was sworn in as comptroller this month.

The mayor-elect expects the reductions in staff will reduce payroll by $27 million.

"The upgrade to Baa3 recognizes the city's fiscal stability under the current casino taxation format," as well as rapid debt defeasance, the rating agency said.

Chicago's city council passed its alternative budget over the weekend. Mayor Brandon Johnson hates it, but said he would not veto it.

New York Mayor-elect Zohran Mamdani named Sherif Soliman, a veteran of three mayoral administrations, as New York City's budget director.

Three casinos are betting billions of dollars on the New York City market. The state is hoping to cash in, too.