State budgets

The legislature dodged broad changes to education or transit, but bet big on business-friendly initiatives.

States are expected to cut their budgets, marking a return to more modest levels of spending after years of stimulus-fueled growth and tax cuts.

A study of county governments to be presented at this year's Brookings Municipal Finance Conference shows federal pandemic aid led to a mild reduction in borrowing costs, a drop in credit quality and a preference for short-term over long-term debt instruments.

State and local government subsidies for sports stadiums reached an almost 20-year high in 2023, but the ballooning industry could cause adverse financial and economic effects, Moody's warns.

In a year characterized by a rise in mega deals, the agency looks to address an advancing financial "cliff."

The Illinois state comptroller reported a 55% year-over-year increase in the general revenue fund cash balance as her office closed fiscal 2024.

The $82.5 billion fiscal 2025 budget includes the final tranche of Rebuilding Michigan Plan bonds.

California lawmakers were putting the finishing touches on the budget this week before the start of the fiscal year on July 1.

The agreement includes plans for a bill creating a constitutional amendment to allow the state to set aside greater sums in reserves.

The legislature addressed the cost of a $329 million property tax refund in the state's largest county as well as passed a fiscal 2025 budget.

J.B. Pritzker on Wednesday signed Illinois' $53.1 billion fiscal year 2025 budget, which includes $198 million for the rainy day fund, among other things.

Observers say the problems of KentuckyWired has lessons for all public-private partnerships.

Oregon Democrats and Republicans had opposite takes on the possibility the state could be dispersing a kicker credit of $582 million for the 2025-27 biennium.

The first chip in the state's triple-A crown comes ahead of plans to competitively auction $1.2 billion of general obligation bonds next week.

Democratic leaders in the Assembly and Senate said they restored some of Gavin Newsom's proposed deficit-reducing cuts in their budget proposal.

Along with tax cuts and school funding increases, lawmakers created passenger rail funding streams and paved the way for a historic hotel's bond-financed purchase.

California Gov. Gavin Newsom's May budget revisions brought 260 program cuts, but he will not raise taxes or layoff or furlough employees to close the deficit. His plan would cut 10,000 vacant positions.

The budgetary process has been marked by political fights between the governor and the general assembly.

S&P affirmed the state's AA issuer credit rating, citing healthy reserves and plans to increase permanent fund totals to mitigate revenue fluctuations.

"Numbers are hard to come by in a comprehensive way, but we do learn the state's budget is targeted at $237 billion," said John Hallacy. "This budget is clearly not a 'caretaker' budget, but one that adds significant spending. The question is how that spending will affect the out-years."