State budgets

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.

With the status of federal relief uncertain, Illinois may ask lawmakers for approval to borrow as much as $4.5B through the Fed's MLF to deal with a coronavirus pandemic tax hit in fiscal 2021.

As Gov. Charlie Baker reopens the state, a taxpayer group paints a dire revenue picture.

New Mexico is expected to face sizable structural deficits because of declining oil and gas prices and production, the rating agency said.

State lawmakers passed a continuing resolution, and expect to return to Columbia in September to complete work on a budget for fiscal 2021, which begins July 1.

The plans include personal income tax notes and a line of credit with a consortium of banks.

The state is facing an immediate $3.2 billion budget hole for the current fiscal year, with revenue estimates cut more than $5 billion for the next two.

The Bluegrass State will issue debt for operations and capital needs at the University of Louisville Health Medical Center.