State budgets

The governor's $348.9 billion budget would boost education but targets housing investors.

Virginia Governor-elect Abigail Spanberger begins assembling her finance team by keeping the state's treasurer in place and naming Delegate Mark D. Sickles to serve as Virginia's next Secretary of Finance.

Gov. Dan McKee, previously cold to a surtax on high incomes, is warming to the idea as he grapples with the Trump administration's spending cuts.

The National Association of State Treasurers officially announced new leadership for 2026, including new president Michigan State Treasurer Rachael Eubanks.

Fiscal 2027 budget proposals are being rolled out against a backdrop of unclear impacts from federal tax cuts and policy changes.

Washington Gov. Bob Ferguson unveiled a supplemental budget with GOP-opposed bond plans, as he preps a rain-soaked and flood-damaged state for more deluges.

The governor announced $2.1 billion for road and bridge maintenance and flood repairs, financed with bonds backed by revenue measures in last year's budget.

States and cities in the Northeast will have to balance economic challenges and federal cuts driven by the Trump administration and congressional GOP.

 In 2024, legalization states collectively generated a record-setting $4.4 billion in cannabis tax revenue from adult-use sales.

The state paused recently approved transportation taxes after a Republican-led campaign to reverse them delivered signatures for a ballot measure.

State legislators are prepping for a coming storm of budget turmoil caused by shifting Medicaid policy as the era of historic tax cuts appears to be ending.

California faces an estimated $18 billion deficit as a new poll finds state residents expressing more concern about the rising cost of living.

Market Intelligence analyst Jeff Lipton finds that low debt burdens, stronger rainy-day funds, improved pension metrics and robust legal safeguards help states remain a core source of stability and diversification for muni portfolios despite slowing growth and fiscal headwinds.

States face broadening credit challenges, and while local governments have shown resilience, school districts are more at risk, S&P Global Ratings said.

22 municipalities are suing the state over vehicle-license fees they say California has failed to pay them.

Nearly a trillion dollars worth of state and local government assets are now being held in Local Government Investment Pools.

Cities and states are showing budget resilience as pressure from inflation, slowing revenue growth, and the end of federal pandemic fuels concerns about an uncertain future.

States face slowing revenue growth and increasing spending pressures, the National Association of State Budget Officers said in its Fiscal Survey of States.

The situation is worsening, driven by rising costs and AI revenue risks, the forecast warns.

Connecticut transferred about $1.5 billion in excess budget reserves to its state employees' and teachers' pensions, said State Treasurer Erick Russell.