State budgets

Wisconsin's Republican legislative majorities for a third consecutive biennium rejected Democrat Tony Evers' capital plan and will craft their own version.

The state plans to enter the market before the fiscal year closes June 30th with eyes turned to Fitch and whether it will follow Moody's and S&P with an upgrade.

Illinois Comptroller Susana Mendoza talks with Yvette Shields about the state's progress on building up reserves and paying down debts that have helped lift the state's bond ratings, efforts to make further headway and the challenges of making sure fresh legislative faces understand the pains suffered during the two-year budget impasse. (35 minutes)

Illinois earlier this week saw its second upgrade of the year and Gov. J.B. Pritzker suggested an uptick in revenue projections could provide room to further bolster fiscal metrics that helped draw the upgrade.

The state approved further cuts next year with provisions for possible additional cuts annually, starting in 2025, paving the way for the elimination of the personal income tax.

The income tax filing deadline for 51 of California's 58 counties was moved to October, which means the usual April read on revenues may be less informative.

Illinois lawmakers' research arm projects more revenue in the current budget year but warns budget writers to proceed with caution in the next.

With strong reserve levels, states will be able to weather a revenue shortage this year, analysts said.

Mayor Eric Adams executive budget "will be released in just 51 days, giving us limited time to marshal the substantial resources we will need to stay balanced in fiscal 2023 and 2024," said OMB Director Jacques Jiha.

More than half of the 163 bills introduced in state legislatures across the country propose one-time funding for transportation projects using bonds, excess COVID relief or budget surpluses.

Gov. Phil Murphy's proposal doesn't include new major programs or initiatives but addresses long-term liabilities and reserves ahead of a potential recession.

The state's once-depleted rainy-day fund that's now on track to hit nearly $2 billion this year would receive automatic deposits when two financial metrics are hit under pending legislation.

The fresh guidance seeks to end a debate over how to prioritize federal transportation funds that's dogged Biden administration officials for more than a year.

Economists' quarterly forecast estimates lawmakers will have nearly $696 million more to spend than anticipated and taxpayers will receive $3.9 billion through the state's kicker rebate.

State and local governments across the country are making increased efforts to put money forward for the purpose of reparations.

New York State Comptroller Thomas DiNapoli talks with Chip Barnett about his proposal for an amendment to the state constitution to limit backdoor borrowing by agencies and give voters a bigger say on bond issuance. (25 minutes)

The rainy-day fund is currently at $904 million, but Gov. Joseph Lombardo's budget targets $1.6 billion in reserve by the end of the biennium.

Michigan would funnel $200 million more into its rainy day fund and establish a new school budget stabilization fund under Gov. Gretchen Whitmer's proposal.

Connecticut residents would get an income tax cut and increased spending in education and workforce training under Ned Lamont's spending package.

Milwaukee could see relief from pressures that have dragged down its ratings if Gov. Tony Evers' proposals — to raise shared revenues and allow local governments to seek voter approval for a sales tax hike — clear legislative hurdles.