State budgets

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.

Stabilizing the Highway Trust Fund and easing Buy America requirements are top congressional priorities for state transportation officials.

The time between the announcement of an award and the actual cash going out the door can be frustratingly long.

An increase in tax collections helped fuel the flow of billions of excess dollars into the state's previous budget, although growth in key sales tax revenue has slowed.

Large reserves will insulate states against downgrades in the near future, one rating agency says.

States use tax proceeds in a way that appeals to voters because recreational marijuana is often legalized through a referendum process.

Gov. Gretchen Whitmer chose Jen Flood, her deputy chief of staff, to replace Chris Harkins who is leaving state government later this year.

The state reported a $7.07 billion budget balance and $1.8 billion in its rainy day fund.

In January 2022, mobile sports betting went live. With a 51% tax rate on gross gaming revenues, New York, Rhode Island and New Hampshire have the highest gaming taxes in the nation.