New York City’s economy is progressing, Upstate New York’s is sluggish and the U.S. Virgin Islands’ is struggling in a post-COVID world. Analysts with the Federal Reserve Bank of New York made these and other observations at a web conference Thursday morning on how Federal Reserve District 2’s economy has recovered since the COVID-19 pandemic
Bonds
California legislation designed to alter transparency laws that have had a “chilling effect” on bond measure passage cleared its first hurdle. The Senate’s Governance and Finance Committee approved Senate Bill 532 by a 5-1 vote Wednesday, the bill will now move to the Elections and Constitutional Amendments Committee. State Sen. Scott Wiener, D-San Francisco, who
Alabama is betting a stake in its economic future on one of its oldest industries. Coal has long been a staple of the state’s economy and could continue to be as state and private sector partners move to phase out mining coal for power generation and raise production of the type of coal needed for
Federal Reserve policymakers scaled back their expectations for rate hikes this year after a series of bank collapses roiled markets last month, and stressed they would remain vigilant for the potential of a credit crunch to further slow the economy, a record of the meeting showed. “Many participants noted that the likely effects of recent
Illinois’ positive rating momentum and near-term budgetary commitment to raising higher education funding helped lift the University of Illinois’ and Illinois State University’s ratings. Moody’s Investors Service last month upgraded Illinois State University’s issuer and auxiliary facilities system ratings to A3 from Baa1 and its certificates of participation rose two notches to A3 from Baa2. The upgrade impacts
Tennessee will turn to tolls and public-private partnerships to meet the mounting costs of managing its roadways. Gov. Bill Lee’s Transportation Modernization Act cleared its last legislative hurdle Thursday as theGeneral Assembly approved his $3.3 billion package allowing for the use of P3s for highways for the first time in the state’s history. “Tennessee is
The California State Treasurer’s Office will pick up the tab for the May interest payment on bonds issued for a state research laboratory damaged by massive flooding in Tulare, a city in the state’s agricultural stronghold in the Central Valley. The California State Public Works board filed an event notice Thursday saying damage to the
A $2.1 billion project in Tempe that includes an arena for the National Hockey League’s Arizona Coyotes is facing organized opposition and litigation as it awaits its fate with city voters next month. The mostly privately financed mixed-use development, which would use municipal bonds to fund site cleanup and infrastructure costs, has been the target
Michigan’s fiscal 2022 tax surge will result in a $650 million income tax cut, but it will remain in place only for 2023, state officials announced Wednesday. All signs pointed to an income tax cut when state finance officials and economic forecasters discussed the fiscal landscape at the annual February revenue estimating conference but Treasurer
Idaho lawmakers resurrected and reworked a property tax relief bill that Gov. Brad Little vetoed earlier this week, saying the original legislation put a transportation bond sale in jeopardy. Little vetoed House Bill 292 because it re-ordered the priority of statutory claims on sales taxes, putting property tax relief ahead of the state’s Transportation Expansion
The public finance community is often disappointed with the limited scope of municipal bond proposals laid out by the White House in its annual budget and policy recommendations. But this year, for the first time in recent history, Treasury’s so-called Green Book, which contains the Biden administration’s tax policy initiatives and proposals, is completely silent
Hawaii had the outlook on more than $2 billion in debt for its airport system and rental car facilities revised to positive from stable by Fitch Ratings in separate actions. The rating agency on Friday boosted the outlook to positive on the bonds issued by the state’s Department of Transportation, Airport Division, for capital projects
Arizona’s governor blocked an attempt to bar companies that “discriminate” against the firearm industry from state and local government contracts by vetoing the bill Tuesday. Senate Bill 1096 passed the Republican-controlled Senate in February and House last week in tight votes of 16-13 and 31-29, making a veto override attempt improbable. In her veto letter,
A project to build out Vermont’s broadband infrastructure is facing several hurdles to its completion that could affect costs and schedules, according to a report by the state auditor’s office. Vermont State Auditor Doug Hoffer said in a recently published investigative report that “one of the largest infrastructure projects in state history” to improve broadband
The Texas Senate last week passed what one lawmaker called “off-the-charts, historical, record, unprecedented property tax relief.” At $16.5 billion over the upcoming biennium, State Sen. Paul Bettencourt’s string of superlatives for the tax cut package appears to be justified. Cheered on by Republican Lt. Gov. Dan Patrick, who heads the Senate, the measures sailed
A Texas House committee ditched an appropriation to potentially pay off $3.52 billion of recently issued bonds from a natural gas securitization deal, but left open the possibility for the funding’s return. Thursday’s action by the House Appropriations Committee approving its version of a supplemental appropriations bill without the funding came the same day the
Lawmakers in Maine hoping to avoid a government shutdown at the turn of the fiscal year are working to cleave Gov. Janet Mills’ $10.3 billion biennial budget proposal in two. The state Senate’s Appropriations and Financial Affairs Committee announced on Thursday a plan to partition the governor’s proposal for fiscal years 2024 and 2025 into
Wisconsin’s Republican legislative majority delivered its latest rebuke to Gov. Tony Evers’ biennial spending plan with their rejection of the Democrat’s $3.8 billion capital plan. The State Building Commission — which includes Evers, four Republican members, two Democrats, and a citizen voting member — rejected all of Evers’ line items at its meeting Thursday in
A bill prohibiting state and local government contracts with large banks that “discriminate” against the firearm industry cleared the Republican-controlled Oklahoma House Wednesday as lawmakers try again to enact a ban. Ahead of the 74-19 vote, House Bill 2218 was amended to apply only to financial institutions with at least $50 billion in assets. For
The Biden administration will need to cover a significant new funding gap if California’s controversial bullet train is to remain on track. But it’s unclear whether federal support, if it materializes, would be sufficient to overcome the tough economic environment, political opposition on state and federal levels and constantly rising costs that dog the nation’s