State budgets

The early redemption plan saves the state $266 million in interest payments and allows pull-tab gambling revenue to flow to the general fund.

Gov Maura Healey touted new spending on green energy, transportation, and housing in releasing the five-year Capital Investment Plan.

New or increased fees on electric vehicles are the second-most popular category among transportation state legislation so far this year, per ARTBA.

The Florida Department of Economic Opportunity said the state unemployment rate in May was steady at 2.6% for the fifth straight month, the lowest among the 10 largest states in the nation.

If approved by the local governing bodies, Milwaukee could raise nearly $180 million more annually from the new sales tax and the county $80 million from a hike, according to estimates.

States and local governments should prepare for fewer federal funds, higher borrowing costs and market volatility as a result of turmoil in Washington.

Gov. Ned Lamont signed income tax rate cuts expected to benefit nearly 1 million people in the most comprehensive cut since the income tax was imposed in 1991.

Community colleges will be rewarded based on results that align with regional and state education and workforce needs.

Weekday ridership on the farebox-dependent regional transit system is below 40% of pre-pandemic levels. Some lawmakers are pushing a state transit rescue package.

"We are delivering the largest cut to Connecticut's income tax rates in state history," Gov. Ned Lamont said.

Cook County, local governments, transit agencies, and the education and hospital sectors all benefit from bills passed by Illinois lawmakers.

The state Senate passed a $56 billion budget that included provision for middle-class tax cuts and credits similar to those Gov. Maura Healey has been seeking.

"It's positive to see the proposed budget relies on fairly conservative revenue assumptions and provides additional funding for pensions and education," Molly Shellhorn, senior research analyst for municipals at Nuveen said.

The $2.6 billion infrastructure budget stands out as the state's largest ever; bond packages stalled in the previous two years amid political divisions.

Municipal Market Analytics questioned Moody's swift revision of California's outlook to negative after Gov. Newsom's May budget revisions posted.

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.