Politics

States are currently projecting revenue declines of 12% to as high as 40% in the current fiscal year.

Michigan now pegs its three year coronavirus-related revenue losses at $5 billion but cautions that much remains unknown heading into 2021.

New Jersey Gov. Phil Murphy pitched a revised $32.4 billion nine-month 2021 fiscal year budget that hinges on billions of borrowing and newly enacted taxes to confront a coronavirus-induced revenue gap.

State economists project Florida will lose $5.4 billion of general revenues over the next two years, partly from reduced sales and lack of tourism.

Gilt-edged Georgia boosted the amount of its borrowing this year to support the state's economy amid the COVID-19 pandemic, state official say.

New York State’s revenue deficit deepened during the first three months of fiscal 2021, underlining how crucial federal funding is to help, according to Gov. Andrew Cuomo.

The state's highest court unanimously ruled that a law Gov. Phil Murphy spearheaded to authorize up to $9.9 billion of bonds is constitutional.

Issuers say extending the deadline is helpful, but they still need more flexible funding such as the ability to use federal aid to replace lost revenue.

President Trump backtracked Sunday on his executive order that requires cash-strapped states to contribute $100 of a reduced $400 a week supplemental federal unemployment benefit.

The competitive sale is scheduled for Aug. 19 with Stifel Nicolaus as financial advisor.

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

Republican opponents of New Jersey Gov. Phil Murphy’s proposal to borrow up to $9.9 billion for offsetting COVID-19-related revenue losses argued before the state’s highest court Wednesday the state’s constitution and past legal precedent should prevent the plan from proceeding.

Illinois in the spring cut its fiscal 2020 and 2021 revenue estimates by more than $7 billion due to the pandemic.

Oklahoma returned to a positive trend in tax receipts in July, but Treasurer Randy McDaniel cautions that troublesome signs remain.

Failure to aid one could hurt the others, according to the state comptroller's review of the city's financial plan.

With help from federal stimulus funding and online sales, Texas sales tax revenues turned positive in July. However, other tax revenues have fallen significantly.

House Speaker Nicholas Mattiello has filed bills calling for a referendum on boosting the state's reserve balance to 10% of annual general revenue over a decade.

Minnesota’s projection of a $2.4 billion gap in the current budget cycle remains on target, but another $4.7 billion gap looms in the next two-year budget as the toll mounts for the COVID-19-induced economic shutdown and recession. The state plans to sell $1.2 billion of GOs next week.

Colorado's decision to withhold pension funding brings a warning from Moody's.

State revenues for fiscal 2020 came in 5.7% lower than Florida forecasters anticipated because of business disruptions caused by the COVID-19 pandemic.