Public finance

Moody's cited heavy reliance on reserves, potential for continued operating deficts, and a fall 2024 decline in enrollment as factors in the downgrade.

The central Texas city of Clyde said it issued tax and revenue anticipation notes with a 9.5% interest rate to repay its insurers after an Aug. 1 bond default.

It's hard enough convincing local governments to spend money on cyber insurance that covers ransomware attacks, said Omid Rahmani, public finance cybersecurity lead at Fitch Ratings. The new and very specific threat of a hacked financing process, is "absolutely" underappreciated by the public finance industry.

As the market prepares for 2025, there's a lot of uncertainty around what the new administration will mean for the macroeconomic environment and interest rates, the latter of which may be impacted by policy around the deficit, said Steve Shutz, portfolio manager and director of tax-exempt fixed income at Brown Advisory.

Robert McDermott has joined the firm as a director.

Despite the approval, hurdles remain, including the team's request for more money from the government, which they say delayed approval of the bonds, leading to additional construction costs.

The NFMA has floated best disclosure practices for public power agencies that ask for more data on climate and resiliency goals.

A spike in inflationary costs means a tough road ahead for Washington lawmakers as they take up the budget in the new year.

Ohio legislators plan to vote Wednesday on a resolution that would put a $2.5 billion general obligation bond measure on statewide ballots May 6.

Analysts warn the many one-time measures in the budget Mayor Brandon Johnson narrowly got through City Council will make the 2026 budget even harder.

With investors now anticipating Wednesday's expected rate cut may be the last one for a while, "an overall bullish paradigm has been seriously weakened," noted Matt Fabian, a partner at Municipal Market Analytics, Inc.

The Metropolitan Transportation Authority's finance committee approved $9 billion of bonds, some backed by new revenue sources.

Voters in November approved measures to split the Alpine School District, which has more than $500 million of outstanding bonds, into three systems.

Analysts are confident the Fed will lower rates at this week's meeting, but their views on what next year holds don't share the same consensus.

Justices appeared open to narrowing the scope of federal environmental impact reviews during oral arguments on a bond-financed Utah railway to move crude oil.

As investors start shutting down for the year, there may be some mixed sessions ahead "especially for any accounts that find themselves as forced sellers," Birch Creek Capital said.

While tax and bond measures fared well in California's November election, reformers are taking aim at the state's slow certification process.

The county commission, which sued Oklahoma City in June over its denial of permit for the jail site, is pursuing a possible settlement.

Overall state and local government credit conditions will remain neutral, Fitch Ratings says, though some storm clouds may be on the horizon.

A report the by the city administrative officer about the city's looming deficit underscores challenges facing Los Angeles Mayor Karen Bass.