State budgets

Michigan's latest revenue forecast boosts prior projections by more than $1 billion annually for fiscal 2022, 2023, and 2024.

"Now our state is blessed with an opportunity for prosperity and growth unlike any before in our history," said Jim Justice.

Janet Mills wants to use $1 billion in federal infrastructure aid and higher-than-expected state revenue to fund billions in transportation improvements.

California Gov. Gavin Newsom's proposal reverses plans laid out in last year's budget to redeem some bonds and use cash rather than bonds for some projects.

Illinois Gov. J.B. Pritzker signed legislation sending a portion of the state's surplus to the budget stabilization fund and raising the target balance.

Gov. Jay Inslee wants a $4 billion bond referendum for housing that would be outside the state's debt limit. State lawmakers must approve first.

Inflation is a chief risk to public officials eager to launch new projects, but it's a boon for infrastructure investors, who view the asset class as a natural hedge.

Debt outstanding at state and local public entities totals more than $329 billion, an increase of $61.5 billion since 2017, according to a report by state comptroller Thomas DiNapoli.

The state's benchmark debt ratio for debt service to revenue is at 3.78% — well below a 6% target and 7% limit.

State spending growth topped 18.2% in FY 2022, the highest annual increase in state spending since the National Association of State Budget Officers began recording the data in 1979.