State budgets

The shortfall Gavin Newsom says his budget must close is $30 billion less than the deficit forecast by the Legislative Analyst's Office in November.

The D.C.-area agency, unique among mass transit systems in that it has no dedicated operating funding, faces the same challenges as other transit agencies: fewer riders and federal support.

The governor proposed state funding for schools to slow the rise in property taxes. His Idaho Works program would provide $50 million toward $800 million in bonds to pay for water and transportation projects.

The cost of empowerment scholarship accounts, which became universally available in 2022, has exceeded projections and raised concerns about how money is spent.

"There is no doubt that inflation has had an impact. It's important that we continue to ensure that everyone working in New Jersey has access to a livable wage," said Gov. Phil Murphy.

Illinois saw an uptick in its financial fortunes during the past fiscal year, one of the few times the state's net position has improved in recent years.

Some general fund spending will be shifted to bonds to help the state meet priorities like housing and healthcare, Hawaii Gov. Josh Green announced.

Without money to expand a key artery, but helped by a federal "Mega Grant," Indiana is pursuing tactics like dynamic shoulder lanes to boost capacity.

The $136.6 billion 2024-2026 biennium budget proposal will be debated by the state General Assembly when it reconvenes on Jan. 2.

Cities and states in the Southwest are making affordable housing a funding priority through voter-approved general obligation bonds or in their budgets.

Despite federal restrictions, governments flush with stimulus funds funneled a significant amount toward pension plans in 2022, a new report found.

The $68 billion deficit reported for California's budget is an eye-opening figure but the revenue trends are less dramatic when viewed over multiple years.

The budget proposal includes $455 million for the Florida Division of Bond Finance to redeem, defease or purchase outstanding state bonds.

The flooding and massive storms that hit California in early 2023 that resulted in delays to income tax filings have led to lawmakers having to grapple with a $68 billion shortfall heading into the fiscal 2024 budget year.

A constitutional amendment approved by Texas voters Nov. 7 will reduce public school property taxes, leaving the state to make up for the revenue reduction.

The budget proposal keeps $16.3 billion in reserves and pays down an additional $455 million in debt. While providing $1.1 billion in tax relief to residents, the plan is $4.6 billion lower than the current fiscal year's budget.

States are required to reduce vehicle-related greenhouse gas emissions under the rule that was finalized last week.

While the state is boosting the budget reserve, it's also forecasting $1.4 billion in additional fiscal 2024 revenue that would be partially offset by spending pressures.

Without a lot of additional state and federal aid, New York City is forecasting it will spend about $12 billion in costs related to the influx of migrants to the city in fiscal years 2023, 2024 and 2025.

The amount of unspent funding for state and local capital projects is at a historically high $5 billion as projects struggle with rising construction costs.