State budgets

Gov. Jay Inslee wants a $4 billion bond referendum for housing that would be outside the state's debt limit. State lawmakers must approve first.

Inflation is a chief risk to public officials eager to launch new projects, but it's a boon for infrastructure investors, who view the asset class as a natural hedge.

Debt outstanding at state and local public entities totals more than $329 billion, an increase of $61.5 billion since 2017, according to a report by state comptroller Thomas DiNapoli.

The state's benchmark debt ratio for debt service to revenue is at 3.78% — well below a 6% target and 7% limit.

State spending growth topped 18.2% in FY 2022, the highest annual increase in state spending since the National Association of State Budget Officers began recording the data in 1979.

The state sees a fix to budget problems and is betting big on three downstate casinos to pad its coffers.

Minnesota raised its surplus projections by $6 billion Tuesday and Wisconsin last month added $2.7 billion to its surplus.

Most states are still spending federal dollars and boast full rainy-day funds.

The state will use surplus revenues to pay off the remaining $1.36 billion balance and will loan the trust another $450 million to bolster its health with repayment going toward the state's budget stabilization fund.

Airports, schools and affordable housing received an infusion of cash from lawmakers

"S&P recognizes the progress that has been made and that Connecticut is getting its mojo back," said Gov. Ned Lamont.

The Legislative Analyst's Office forecasts the state could face a $25 billion deficit in fiscal 2023-24.

A combination of federal funding and rising tax collections has filled the coffers.

With federal funding accounting for the largest portion of its revenue, Utah is mulling safeguards in the event of a future decrease.

Illinois raised its fiscal 2023 revenue estimates by $3.69 billion, giving Gov. J.B. Pritzker enough to propose doubling the state's $1 billion rainy day fund.

Jared Polis' $42.7 billion all-funds spending plan for the fiscal year that begins July 1 includes a $16.7 billion general fund with a $2.174 billion reserve.

American Rescue Plan Act dollars amounted to around 22% of states' annual general fund budgets, according to a court filing from a trio of southern states fighting ARPA's restriction on tax cuts.

States and locals need to move fast to capitalize on the value of upfront funding provided in the infrastructure law, Biden administration officials said.

Missouri and Iowa closed out fiscal 2022 with balances that paved the way for tax cuts.

California Gov. Gavin Newsom signed a package of housing legislation headlined by bills removing regulatory barriers to new-home construction.