Budgets

The final budget sets aside about $8.3 billion in budget reserves, which bring them to the highest level in the city's history.

Mayor Eric Garcetti emphasized the city’s robust reserves and plans to issue housing bonds to aid efforts to alleviate homelessness.

After next fiscal year, the governor expects both revenues and spending to increase.

The recommendation would build reserves toward a target of 16% of tax revenues in order to prevent drastic service cuts during a recession.

The city of 55,000 is the first to be slapped with the most severe Tier IV designation of the state's Municipal Accountability Review Board oversight program.

Chicago's preliminary projected gap in the next budget, when Mayor Lori Lightfoot has vowed to reach structural balance, is down from an $867 million estimate.

Moody’s Investors Service raised the city's rating, noting noted a trend of strong finances, a diverse economy and a willingness to tackle pension issues.

Gov. Newsom doubled down on an $11.5 billion gas rebate plan opposed by fellow Democrats in his May budget revision.

The recovery is expected to continue this year and into next as the tourism industry looks to surpass 2019’s record-setting year.

Improving tax revenues allowed the mayor to increase the size of his spending proposal while keeping the budget balanced.

The budget represents a turn-around as the county got a handle on pandemic-related expenses.

The American Rescue Plan Act helped cities avoid insolvency after the pandemic struck, some mayors said.

The city says it can't afford a pension fund change that forces it to pay down unfunded liabilities more quickly; it may also lobby state lawmakers.

“Many states are reporting revenue surpluses and rebounding economies, in part as a result of federal aid to state governments.”

The City Council on Wednesday began the first of a series of hearings on Mayor Eric Adams' $98.5 billion preliminary fiscal 2023 budget.

Income taxes — despite losses due to remote work — and internet gambling revenue are on the rise, giving the Motor City's general fund a boost.

Much of the new infrastructure funding can't flow to states until a full FY22 bill is enacted.

To help the city recover faster, former Lt. Gov. Richard Ravitch has proposed a dedicated state-approved revenue stream to provide additional funding for the transit system.

As New York's new City Council continues to organize, the new mayor, Eric Adams, says how he will achieve his "paycheck in crypto" promise.

If Congress opts for a continuing resolution instead of a full-year appropriation, transportation lobbyists said they would ask for an exception so that IIJA funds can begin to flow.