Budgets

The city is projecting a $100 million deficit in its current budget once the public health crisis caused by COVID-19 eases, Mayor Mike Duggan said.

The council wants to focus on the social safety net in light of the COVID-19 pandemic.

Lori Lightfoot's confident statements about the city's fiscal resilience aren't wholeheartedly shared by the muni buy-side as the coronavirus hurts the economy.

The rating agency echoed others in citing the New York transportation system's hard fall since the coronavirus outbreak.

Negative outlooks trigger questions about other reeling areas in the capital markets crosshairs.

The rating agency expects a 'sudden and severe decline in the city's sales and income taxes' as a hit to the city's budget and economy from the coronavirus crisis.

The nation's second-most-populous county is factoring in a recession as it runs fiscal models on COVID-19's impact and is banking on federal aid for hospitals.

The Citizens Budget Commission is calling for far larger cost cutting and predicts that New York City could see $20 billion of lost revenues over three fiscal years.

Despite rising 3% in 2019, DiNapoli expects bonuses to drop this year.

The mayor cited COVID-19 as a spending priority while cases in his city represent more than one-third of the nation's total.

New York MTA and 10 other transit systems have cited the crippling effects of ridership drops due to COVID-19.

The comptroller called for passage of a federal rescue bill and measures to shore up the city budget.

The city and state haven't put dollar amounts on what they need but both were already facing budget and pension stresses before the public health crisis struck.

Hotels and restaurants are losing as much as 50% of their business in the District of Columbia due to the coronavirus.

"I think it's way too early to determine how we're going to adjust the budget," the mayor said.

Chicago Mayor Lori Lightfoot's administration is stressing the city's improved liquidity and jolt of refinancing savings provide a cushion to manage the near-term tax losses.

The comptroller, citing projected losses in entertainment and tourism while the city is virtually closed, called for a savings target of 4% of tax levy-funded agency spending.

Cities and states that rely on hotel taxes and tourism-related revenues will lose billions as events and attractions shutter to slow the spread of COVID-19.

The New Jersey state teachers' union and state Senate President Steve Sweeney announced an agreement to lower school district and employee healthcare costs.

Chairman Patrick Foye says that the outbreak has no material effect for now, and the authority promises to continue timely disclosure.