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With tax revenues plummeting, one additional solution policymakers could consider would throw state and local governments a revenue lifeline: uncapping and funding the Community Disaster Loan program.
May 8
Ernst & Young LLP -
The pandemic is taking a toll on tax receipts, leading the central bank to establish a municipal debt facility. Without a turnaround, the consequences for the financial system could be dire.
May 8
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In the midst of issuer credit deterioration due to coronavirus, muni yields fell and new-deals were priced on the heels of California's $54 billion deficit news.
May 7
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The city will ask the Louisiana State Bond Commission to authorize issuing up to $100 million of revenue notes.
May 7
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New report says hospitals lost a total of $1.44 billion a day between March and mid-April.
May 7
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The U.S. Supreme Court is expected to hear oral arguments this fall in California v. Texas.
May 7
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A bipartisan group of New York lawmakers announced Wednesday plans to introduce a bill that would split federal aid between counties and municipalities.
May 7
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The House is expected to release a stimulus package in the next few days.
May 7
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The steep drop in revenue does not yet reflect the collapse in oil prices, Oklahoma Treasurer Randy McDaniel said.
May 7
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The state government, which was looking at multibillion-dollar surpluses before the coronavirus struck, is now facing a $54.3 billion of red ink.
May 7
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The National Federation of Municipal Analysts asked the Municipal Securities Rulemaking Board to create a separate category for COVID-19 related disclosures.
May 7
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While the economic data are still bleak, signs of recovery may already be emerging.
May 7
HYCM -
Gary Zimmerman, CEO of MaxMyInterest, discusses the recent Federal Open Market Committee meeting, the challenges of responding to the coronavirus pandemic and the issues it caused, and why interest rates may have to stay low for longer than many expect. Gary Siegel hosts.
May 7
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The two state administrations laid out initial estimates of revenue losses due to the pandemic as the federal government debates additional relief.
May 6
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Primary deals are now coming at tighter spreads to the secondary than they have recently. Cooler heads are appearing on the institutional side, but ICI reports $1.7 billion pulled from muni market mutual funds.
May 6
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One of the bills authorizes $17 billion in new federal authorization to invest in water infrastructure as municipalities grapple with coronavirus’ impact on their water systems.
May 6
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The city comptroller is monitoring the markets amid a projected $8.7 billion revenue gap and a possible 22% unemployment rate by the end of June.
May 6
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The lowest-rated state government moved a $1.2 billion GO certificate deal to the day-to-day calendar in the face of a skeptical buyside.
May 5
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The state will cut its budget no more than 4% amid a revenue crisis, legislative leaders announced.
May 5
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The “municipality fund” would use a modified Community Development Block Grant formula with 70% going to cities and towns with a population of over 50,000 and the remaining 30% to municipalities under 50,000 in population.
May 5
