State budgets

An outlook revision to positive for the state's Aa2 general obligation rating comes as a methodology update led to downgrades for certain revenue bonds.

After getting positive outlooks from three rating agencies since 2023, Oklahoma received its first upgrade.

Florida's official outlook indicates the state government faces a $10 billion deficit by mid-2028 without major tax and spending changes.

California's state government typically pushes out billions of dollars of debt from August to November. This year there may be a shift in buy side sentiment.

General fund revenue growth of only 1.1% in the fiscal year that ended Saturday, marks a continued slowdown since fiscal 2022's 26.4% increase.

Nebraska Gov. Jim Pillen signed into law a package of bills that includes caps on spending authority for local cities and counties.

Dolton's unfunded expenditures have soared since 2021, resulting in a negative $3.65 million balance in its general fund, Lori Lightfoot told village trustees.

As governor of Minnesota, Tim Walz has proposed some sweeping investments, including a $3.3 billion bonding bill that was the largest in the state's history.

Tim Walz will be joining Kamala Harris on the Democratic ticket, bringing issues such as infrastructure investment, the child tax credit and his work in public schools front and center.

Though further adjustments may be needed, Fitch Ratings analysts said the budget supports the state at its current AA rating level.

Continued economic growth and budgetary discipline could lead to an upgrade of the state's AA rating over the next two years, S&P said.

Overall state general fund revenue is on track with an October estimate, while the projection for the fiscal 2024-2025 yearend balance faces changes.

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.