State budgets

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.

In the first two months of the fiscal year, Georgia saw state tax collections, which support the state general fund, increase by 12.4% year-over-year.

A new state revenue forecast could put a crimp in the governor's $4 billion emergency funding bond plan.

The Minnesota Management and Budget commissioner is moving to the University of Minnesota after a decade with the state, and his MMB predecessor replaces him.

The numbers were not as bad as first forecast, with sales tax revenues, which account for 59% of the budget, inching up.

The governor cited budget and social justice benefits from a measure to legalize cannabis, which officials say could bring in $600 million of new revenues.

The stop-and-go 2020 legislative session left some lawmakers feeling there is unfinished business in Sacramento.

The university and its health system are experiencing the biggest shortfalls ever, president Thomas Katsouleas told Connecticut lawmakers.

States are currently projecting revenue declines of 12% to as high as 40% in the current fiscal year.

Michigan now pegs its three year coronavirus-related revenue losses at $5 billion but cautions that much remains unknown heading into 2021.