State budgets

Gov. Charlie Baker’s plan, with some tweaks, could secure much-needed funds money more quickly during the coronavirus pandemic, Pioneer Institute said.

The Volunteer State reported a nearly 16% decline in revenues in April, much of which was due to stay-at-home orders and delayed tax filings.

Measure seeking billions of general obligation bonds without voter approval cleared General Assembly late last week but faces uncertain fate in the State Senate.

Lawmakers have until June 15 to adopt a budget. Democratic leaders in the legislature have not embraced Gov. Gavin Newsom's proposed cuts.

States that are projecting fiscal 2021 revenue declines of more than 15% include California, Colorado, New Jersey, New Mexico, Oklahoma, and Vermont.

The state's ratings, just one rung above junk, are holding steady after analysts' initial review of a fiscal 2021 budget that pins hopes on future federal relief.

Comptroller Kevin Lembo forecast a $620 million fiscal 2020 deficit in his monthly update to Gov. Ned Lamont.

Moody's action on Aa1-rated Nevada follows a Fitch Ratings outlook cut to negative three weeks ago as the coronavirus hammers a tourism based state economy.

The monthly drop collectively topped $60 billion.

Sales tax collections fell 13.2% compared to the same month last year, the steepest decline since January 2010

Treasurer John Schroder, a Republican, has battled with Louisiana's Democratic governor over the funds for the past two years. He has said he will appeal.

Maine is planning a $119.4 million bond sale this week to improve roads, broadband, senior housing and public colleges.

Gov. Phil Murphy’s $5 billion emergency bond plan to patch revenue gaps caused by the COVID-19 pandemic faces an uncertain future in the state legislature.

Gov. Tom Wolf is expected to sign five-month, $26 billion spending plan, intended to buy time to measure the hit from the effects of COVID-19.

Most of the state revenue loss came from $599 million in lower-than-estimated state sales tax collections, which support 79% of Florida’s budget.

Colorado will continue its highway building with $500 million of certificates of participation, as it weathers its deepest downturn in years.

The $40 billion budget for fiscal 2021 authorizes up to $5 billion of borrowing through the Federal Reserve’s Municipal Liquidity Facility.

With postponing expenditures and the rainy-day fund withdrawal, the state still forecasts a yearend surplus.

Red tape and the need for more funding has slowed the process, according to the NLC.

Groups want action before municipalities have to approve their budgets.