State budgets

Weakening revenues should be a red flag for states, particularly those planning tax cuts, said Lucy Dadayan of the Urban Institute's Tax Policy Center.

With a healthy surplus built over several years, the state adopted a series of tax relief measures. Those actions, along with robust growth in fiscal 2022 that triggered an automatic tax cut, are driving revenue projections lower.

Panelists at the National Federation of Municipal Analysts discussed their experiences dealing with resiliency in the face of budgetary and environmental problems.

The governor outlined what he called a balanced budget, though the revenue shortfall has grown by $9.3 billion to $31.5 billion since January.

Illinois trimmed revenue estimates for the current fiscal year and must absorb higher social services expenses next year leaving less budget room to maneuver.

Although Hawaii lawmakers nixed his proposed tourist tax, Gov. Green points to positives.

Continued commitments to meeting long-term liabilities under Gov. Phil Murphy were cited as key in a slew of recent bond rating upgrades for the Garden State.

Circuit Judge John K. Bush cited Alexander Hamilton's insistence in the Federalist Papers that states would retain their authority over their own taxation.

The Missouri House approved legislation to strip St. Louis of its earnings tax on remote work; Wisconsin lawmakers unveiled a plan to raise revenue sharing.

The House is holding onto the bill until an agreement is reached with the Senate on public school funding.