State budgets

Texas, Virginia, Idaho, Mississippi, Montana, Nebraska, New Hampshire, South Dakota and Utah, have all signed briefs urging the Court to take on the case.

"I think there is a certain amount of anxiety for New York — and many other states — as federal pandemic funds run out and questions about the potential for a recession emerge," said Evercore's Howard Cure.

In fiscal 2021, 27,004 jobs were created in Florida alone through space agency spending, according to the space agency's calculations.

Comptroller Thomas DiNapoli noted state law requires salary payments to legislators be withheld after March 31 if a budget is not in place.

Based on an opinion from the attorney general, the cut isn't permanent, drawing criticism from the legislature's Republican minority.

The bill would create a state investment fund and establish a debt reduction program to be administered by the Division of Bond Finance.

"If banks become even more reluctant to make new loans, the likelihood of a recession grows," says New York City Comptroller Brad Lander.

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.