Deficits

The situation is worsening, driven by rising costs and AI revenue risks, the forecast warns.

Louisiana State Treasurer John Fleming indicated he is open to compromise on the nature of state oversight for the city, which may have trouble making payroll.

The city said it will take a wide range of measures to try to get through November and December without running out of money.

The commission also approved an audit for the financially troubled Winston-Salem/Forsyth County School District.

Gloria's pointed comments about the county's responsibility caused a stir in the days since he delivered the speech, which sets the table for budget talks in coming months.

The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.

Major headwinds for the muni market include climate change, growing federal debt, shrinkage of the workforce, the impact of remote work, cybersecurity attacks, and political polarization. And they are poised to be costly for states and municipalities.

California Gov. Gavin Newsom reached an agreement with Democratic leaders on early deficit-reduction tactics.

The deficit last month was $659.6 billion, the third-largest on record and biggest since last June.

The budget included reduced capital improvement and GO issuance plans over the biennium.

Illinois closed Thursday on its second MLF borrowing as the program nears its expiration date.

Illinois expects to close by the end of the week on a three-year loan through the Federal Reserve at 3.42%, a steep penalty compared to the state's current trading levels.

Stephen DeGroat, Rockland County commissioner of finance, explains how the large suburban municipality north of New York City turned budget deficits into surpluses through deficit financing, staff reductions and closing a county-run hospital. Andrew Coen hosts. (14 minutes)

New revenue from a graduated tax without an accompanying long-term plan to tackle the state's fiscal woes won't solve them, the Civic Committee of the Commercial Club of Chicago warns.

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.

Brown convened the special session for budget talks, but also anticipated talk on policy items, like police reform.

More will be clear once the state gets a full tally of receipts from the July 15 tax deadline, but a rocky road lies ahead in any case.

Gov. Phil Murphy’s $5 billion emergency bond plan to patch revenue gaps caused by the COVID-19 pandemic faces an uncertain future in the state legislature.

California may need to use interfund borrowing to get its budget into balance, Gavin Newsom said.

William Glasgall of the Volcker Alliance explores deficits, budget cuts, rainy-day funds and borrowing options amid the COVID-19 pandemic. Paul Burton hosts.