State budgets

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."

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.