State budgets

The bond division undertook two transactions last week to retire outstanding taxable public education capital outlay and state revolving fund bonds. The transactions used $200 million in program funds, along with additional money, to pay down $400 million in state debt.

The bond measure was approved by the Senate in late May but is on pause while negotiations are under way between the Senate, Assembly and the governor's team.

Through his use of the partial veto, Gov. Evers pared down a GOP-authored income tax cut and gave school districts the power to raise a per pupil revenue limit by $325 annually for centuries.

Hawaii and West Coast states are taking aim at helping the homeless in this year's budgets.

The $54.3 billion spending plan for fiscal 2024 is $5.4 billion larger than last year's and $1.2 billion more than the proposal Gov. Phil Murphy pitched in February. It features tax-relief programs and tax code changes.

Illinois Comptroller Susana Mendoza will highlight the state's progress on key fiscal metrics during upcoming meetings with the rating agencies and has updated the fiscal 2023 interim audit as the full audited results have not yet been published.

California Gov. Gavin Newsom and lawmakers struck a budget agreement just days before the start of the fiscal year.

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.