Public pensions

The budgeting constraints transformed the state's finances and bond ratings. But critics say the policy's downsides include the stifling of needed investments. 

Brad Briner said the state may need to issue short-term debt in the near future to pay for Hurricane Helene expenses.

The outlook change to negative comes in the wake of voter approval on Nov. 5 of a ballot measure requiring certain public safety spending by the city.

New York City Comptroller Brad Lander announced an initiative to further exclude fossil fuels from pension funds' private portfolios to combat climate change.

Public pension benefit improvements could put credit pressure on states that enact them, the rating agency said this week.

A preliminary 9.3% return on investments in the year ending June 30 brought CalPERS' funded ratio to 75%, the public pension fund reported.

Pension analysts are calling for higher contributions even as financial conditions improve.

Houston and other Texas cities face financial pressure caused by weather disasters, public safety salaries and pensions, or capped property tax collections.

The agency cited a sustained commitment to healthy reserves and structural balance.

Chicago released a budget forecast that its corporate fund deficit will grow to $982.4 million in 2025 from $222.9 million at 2024's end.