State budgets

Celebrating Ohio's "highest possible credit rating," Gov. Mike DeWine delivered his State of the State address to the General Assembly in Columbus.

Capital outlay investments in the governor's "common ground budget" provide over $1.4 billion in general fund cash and tax-supported debt for projects, including $100 million of bonds for improvements to wastewater treatment plants.

New York State officials are unlikely to meet today's extended deadline for finalizing a fiscal 2025 budget and will probably push it back again.

California Gov. Gavin Newsom reached an agreement with Democratic leaders on early deficit-reduction tactics.

Hawaii Gov. Josh Green outlined the state's plan to permanently house everyone displaced by the fire — and how he plans to pay for it during a media briefing.

Gov. Spencer Cox wrapped up action on hundreds of bills passed by lawmakers, including measures to boost or limit bond issuance and potentially put some outstanding debt at risk.

To maintain the city's good credit rating and robust fiscal health, New York City Comptroller Brad Lander is also proposing a stronger debt management policy to make sure the city keeps its debt service below 15% of tax revenues.

States' January revenues were down from a year earlier.

The securities industry accounted for roughly $28.8 billion in state tax revenue and $5.4 billion in New York City tax revenue for fiscal 2023, state Comptroller Thomas DiNapoli estimated.

California State Senate suggests deficit-shrinking cuts ahead of formal budget.

"My 'One Philly Budget' invests $2 billion over five years in new operating and capital dollars focusing on five pillars — public safety, clean and green, economic opportunity, housing and education," said Mayor Cherelle Parker, the city's first woman mayor.

Since Gov. Ron DeSantis took office in 2019, Florida has paid down $5.3 billion of state debt, or about 25% of the Sunshine State's total debt.

The relative health of state treasuries was an area of interest at the National Association of State Treasurers legislative conference.

Gov. Michelle Lujan Grisham said her public-private sector plan to build a strategic water supply will remain a top priority after a bill for financing failed to advance in the legislature.

The state's February general revenue collections came in $30.62 million below official estimates. but total collections for fiscal 2024 are $428.1 million ahead of forecasts.

The city has again proven to have a resilient economy, with better than budgeted revenues, said Howard Cure, a partner and director of municipal bond research at Evercore Wealth Management LLC.

The Ohio state Senate passed a bill that included $1.27 billion in bonds for state government facilities, classrooms, subdivisions and conservation projects.

Hawaii's budget director told a state Senate committee the costs to house people are coming in double what was estimated.

"When you add everything in this document up, it demonstrates you can make smart investments when you budget wisely, trust the market rather than try to dictate it, and empower your citizens more than you empower the government," said Georgia Gov. Brian Kemp.

Washington state lawmakers approved a $14.6 billion two-year transportation budget, a $1 billion increase.