Coronavirus

Atlanta airport bonds and a Puerto Rico housing issuer were some new offerings of note on Tuesday.

New Jersey's $32.7 billion budget for its shortened nine-month fiscal 2021 includes the state's largest reserve levels in more than a decade as a backstop for revenue hits that may result from a possible second wave of coronavirus.

“What purpose do reserves serve if we don't utilize them in times when you have a problem?” one alderman asked.

The package includes $436 billion for state and local governments, $225 billion for education, $32 billion for transit emergency relief, and $13.5 billion for airports.

East Providence Mayor Bob DaSilva and Planning Director Bill Fazioli tout the Rhode Island city's initiatives, including brownfield site conversions. Paul Burton hosts. (18 minutes)

Even with revised estimates amid the pandemic, year-over-year revenue collections in Florida were down 4.6% in August compared with 2019.

The North Texas Tollway Authority's $758.3 million refunding will provides short-term principal relief after the coronavirus caused lost toll revenue.

Chicago's $1.2 billion airport refunding will smooth out fiscal operations through next year amid a massive decline in airline travel.

Michigan avoided deep cuts for fiscal 2021 but is still lobbying for federal relief to make up for coronavirus-driven tax losses as a fiscal 2022 gap looms.

Florida State University's voluntary disclosure on lower dormitory occupancy is an example of providing timely information, Moody's Investors Service said.

Federal Reserve Bank of St. Louis President James Bullard, in the most upbeat comments by a central banker since the start of the COVID-19 outbreak, said the U.S. economy may surge at a 35% annualized rate in the third quarter and the nation may be close to a complete recovery by year-end.

Johanna Som de Cerff of the IRS Office of the Associate Chief Counsel spoke during an online presentation to the National Association of Bond Lawyers.

Mayor Bill de Blasio expanded furloughs to all managerial and non-represented employees while City Hall also faces an alarming coronavirus spike in some neighborhoods.

Pledging the payroll mobility tax would get the authority a lower Municipal Liquidity Facility interest rate, board member Lawrence Schwartz said.

The city's use of reserves to manage past deficits drove a two-notch downgrade from S&P Global Ratings, to A from AA-minus.

The U.S. economy’s recovery from the virus-induced recession will get much harder, with more permanent job losses unless there’s additional fiscal support, Federal Reserve Bank of Atlanta President Raphael Bostic said.

Analysts warn that borrowing planned in a revised New Jersey budget will result in lasting fiscal distress as it pays back the debt.

While most of the losses have been recovered on a monthly basis, the bigger picture is not as rosy.

Chicago's chief financial officer said the city must consider all options given the magnitude of the pandemic in the absence of federal relief for lost revenue.