State budgets

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.

Duane McAllister and Lyle Fitterer of Baird talk with Chip Barnett about low rates and credit quality. They discuss the best scenarios for investors and issuers in these challenging times. (20 minutes)

A proposed financial transaction tax in aimed at bolstering tax revenues could cost the state Wall Street business, analysts warn.

The governors in Oregon and California point out that climate change has exacerbated the conditions that start and accelerate wildfires.

Former New Jersey Department of Treasury senior staffer Bobby Rand explains why he thinks Gov. Phil Murphy’s $4 billion borrowing proposal to offset lost revenues caused by the COVID-19 pandemic will exacerbate the state’s fiscal woes.  Andrew Coen hosts. (29 minutes). 

In a long-range revenue forecast, a state economist told lawmakers that it could take two or three years for Florida’s hard-hit tourism industry to recover.

Gov. Gina Raimondo and top lawmakers want a clearer picture from Washington over coronavirus relief aid.

Gov. Phil Murphy’s administration faces a fast-approaching deadline to choose its debt strategy: long-term GO bonds or the Fed's Municipal Liquidity Facility.