State budgets

California's progressive tax system preserved revenues amid the COVID-19 pandemic, Legislative Analyst Gabriel Petek told a Bond Buyer conference audience.

New Jersey had a choice between the Federal Reserve’s Municipal Liquidity Facility and the muni market for its upcoming $4 billion borrowing.

New York Gov. Andrew Cuomo is holding off on addressing a widening revenue gap until after the election, hoping a Democratic win will mean more stimulus, a move analysts criticized.

The securities industry was buoyed by federal stimulus and a massive influx of liquidity, report says.

Options for local governments amid the coronavirus range from rainy-day withdrawals to pension payment delays, and renewed calls for shared services and mergers.

Tough decisions on spending and taxes lay ahead if Illinois voters reject a progressive income tax structure and federal coronavirus relief fails to pan out.

With $3.6 billion less than expected in revenues, the governor proposed using part of the commonwealth's rainy-day fund, leaving $2.2 billion for future shortages.

New Jersey and Nevada were the only states to exhaust their reserves in the early months of the COVID-19 pandemic.

Low oil prices and the pandemic slowed the Lone Star State's revenue stream.

The state's financial downturn shows signs of improvement, treasurer says.

Gov. Gretchen Whitmer signed a $63B fiscal 2021 budget into law last week that Moody's views as a credit positive for local governments.

A U.S. Supreme Court ruling that affirmed the existence of Indian reservations across the eastern half of the state will mean lost tax revenue, officials said.

New York State’s first credit downgrade in 17 years is a warning that fiscal changes will be necessary to combat its coronavirus-induced budget crisis, according to observers.

New Jersey's $32.7 billion budget for its shortened nine-month fiscal 2021 includes the state's largest reserve levels in more than a decade as a backstop for revenue hits that may result from a possible second wave of coronavirus.

Even with revised estimates amid the pandemic, year-over-year revenue collections in Florida were down 4.6% in August compared with 2019.

Michigan avoided deep cuts for fiscal 2021 but is still lobbying for federal relief to make up for coronavirus-driven tax losses as a fiscal 2022 gap looms.

Analysts warn that borrowing planned in a revised New Jersey budget will result in lasting fiscal distress as it pays back the debt.

S&P issued a bulletin Monday warning that pressure is mounting on Illinois' BBB-minus rating —the lowest investment grade — as federal relief remains stalled.

The deal struck by Gov. Phil Murphy to increase marginal rates on income over $1 million is not expected to make a material difference to the state deficit.