Public pensions

The state House and Senate announced their spending plans for the upcoming biennium, including funding to continue and increase 2023's state-funded tax cut.

The largest issuance the Local Government Commission approved was $387 million of bonds for Mecklenburg County.

Moody's Ratings said the 2025 budget that passed Chicago's City Council this month won't materially alter the credit profile of the city, which it rates Baa3.

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.