Budgets

Detroit raised its fiscal 2023 and 2024 revenue projections but is proceeding with caution as a potential recession could put a dent in collections and pressures loom as pension payments resume.

Louisa Chafee is senior vice president for external relations and public policy at the UJA-Federation of New York, the largest local Jewish philanthropy organization in the world.

Energy production taxes slowed or fell last month, with the oil tax generating $486 million, which was 14% higher than in January 2022, and natural gas tax revenue falling 13% at $322 million.

While the legislation heading to Gov. J.B. Pritzker's desk will not affect CPS' rating in the short-term, the district's ability to manage labor conflict could affect credit quality over time, Fitch said.

"The overall tone of the budget is one of prudency, which is correct during this current period where federal pandemic aid is winding down and there are questions about whether we enter into a recession," said Howard Cure of Evercore Wealth Management.

Daniella Levine Cava, Mayor of Miami-Dade County, Florida, talks with Chip Barnett about the county's robust economy as it recovers from the COVID-19 pandemic. She talks about how the seaport and airport are booming and looks at some challenges ahead such as environmental and housing issues. Taped live in Miami on Dec. 7. (10 minutes)

Expanded use of stimulus funds, fully funded water infrastructure grant programs and housing assistance are among the asks from League of Cities as Congress crafts a 2023 spending package.

After an error in property valuation led to a $10.3 million revenue shortfall, Pearland, Texas, officials approved plans to restructure debt and help balance its fiscal 2023 budget.

The White House has asked for an additional $37.3 billion to send to states and communities that faced natural disasters last year, including $600 million to Jackson, Mississippi, for its water crisis.

The RTA and its service boards are eyeing funding sources to avoid damaging service cuts and fare hikes as they exhaust federal COVID-19 pandemic relief.

"The MTA's structural gaps remain huge and demand immediate action and a multi-party, multi-year plan" says Citizens Budget Commission President Andrew Rein.

"An increase in social distancing and remote work has resulted in growing vacant office space since late 2020. Office rents have also trended down and remained depressed into 2022," according to the Popular Annual Financial Report.

With federal funding accounting for the largest portion of its revenue, Utah is mulling safeguards in the event of a future decrease.

The update noted the growth in the fiscal 2023 budget since its adoption last July was due to the approval of federal grants.

New York City will also release the first quarter update to the fiscal 2023 financial plan this month.

Seven years after dropping Chicago to speculative grade citing pension funding, Moody's returned the city to investment grade, citing pension funding.

Larry Kosmont, chairman and CEO of Kosmont Companies, discussed the interplay between state and local governments as electeds work to solve the state's housing crisis with Keeley Webster, a senior reporter for The Bond Buyer. (18 minutes)

New GO borrowing authority, a WIFIA loan for lead water service line replacement, and short-term airport financing are before Chicago City Council.

The municipal market was a tale of two halves in fiscal 2022, the report says.

The proposed county budget, buoyed by rising tax revenues, a healthy fund balance and pandemic relief, stays the course on supplemental pension funding.