State budgets

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.

States are dealing with budget surpluses with taxpayer rebates, infrastructure projects and debt service.

Gov. Kevin Stitt wants to tap surplus revenue to build up reserves and is once again asking the legislature to eliminate the state sales tax on groceries and pass an expanded school voucher program.

Deposits to reserves that had been planned for fiscal 2024 and 2025 would be completed by the end of the current fiscal year, bringing the total to $24 billion.

The budget "starts and ends with the housing and homelessness crisis because housing is fundamental to everything else in a person's life," said Gov. Tina Kotek.

"Our budget proposal not only builds on the successes of the past four years, but ensures that Florida will continue to thrive," said Gov. Ron DeSantis.

Energy production taxes slowed or fell last month, with the oil tax generating $486 million, which was 14% higher than in January 2022, and natural gas tax revenue falling 13% at $322 million.

Neither Toni Atkins, the Democratic Senate president pro tem, nor Brian Jones, leader of the Republican minority, want to tap the state's reserve funds.

Tim Walz's proposed budget offers a mix of additional spending, tax cuts, new bonds, and an early payoff of bonds issued for the NFL Vikings' stadium.