The Williams Report
Arkansas: Ends Fiscal Year with $15 Million Surplus
After unexpectedly high revenue from sales tax in June, the legislature decided to restore $60 million of the $70 million in cuts made earlier this year.
Connecticut: Budget Deal Unlikely Before July 18, Governor Says
Connecticut: Current Year Deficit Shrinks to $107.2 Million
Connecticut: House Republicans Release New State Budget Plan
Delaware: Lawmakers Approve $4.1 Billion Budget on July 3
Democrats gave up the push for an income tax increase in exchange for Republicans giving up push for a change in the state’s prevailing wage law.
Kansas: Beats June Revenue Projections by $72 Million to End Fiscal Year on a High Note
Kansas is at a 16-year unemployment low and finished FY 2017 $72.22 million over projected tax income.
Illinois: House Overrides Rauner Vetoes Budget Funded by Huge Income Tax Increase
Governor Rauner attempted to block the budget which raises the income tax from 3.75 percent to 4.95 percent, but the House overrode the veto.
Illinois: Illinois May Get Downgraded to Junk Despite Budget Deal
Moody’s warned state legislators that it may still downgrade Illinois because the budget does not fix the root problems of their financial fiasco.
Maine: Governor LePage Signs Budget, Ends State Government Shutdown
The new Maine budget removed the unnecessary logging tax increase and includes what the governor calls, “The largest investment in public education in our state’s history.”
Massachusetts: Lawmakers Approve $40.2 Billion State Budget One Week After End of FY 2017
Massachusetts lawmakers approved a $40.2 billion budget after missing the FY deadline. The state was able to stave off government shutdown thanks to a $5.2 million short term operating budget passed in June.
New Jersey: New Jersey Passes Budget Late After Short Shutdown
Despite revenue shortfalls, Gov. Christie promised to keep $325 million in extra spending Democrats wanted in the budget.
Oregon: House Passes $3.8 Billion Transportation Tax and Spending Bill
Up until now a “no sales tax state,” this bill adds and raises various taxes including a 0.5 percent sales tax on new cars, motorhomes, motorbikes and snowmobiles. For a state with no sales tax, this seems like the first step to obtaining one.
Pennsylvania: S&P Threatens to Cut Pennsylvania credit Rating
S&P noted Pennsylvania has failed to produce a budget with structural alignment in the past few years and threatened to lower the state’s AA- rating.
California: California Uses One State Credit Card to Pay Off Another
California is now able to borrow funds from other government accounts and put it into the pension investment account in an attempt to earn enough money to cover the interest on the debt.
Illinois: Illinois Still is Kicking Pension Crisis Down the Road
Though Illinois passed a budget this year, it did little to address the state’s largest problem.
Michigan: Michigan Governor Rick Snyder Signs Teacher Pension Reform Into Law
Michigan: ALEC Applauds Michigan’s MPSPERS Pension Reform Efforts
New hybrid defined benefit/defined contribution plan includes cost sharing between schools and employees of future unfunded liabilities, increasing the employer match, lowering the assumed rate of return.
New Jersey: Approves Budget, Shifting State Lottery to Pension Fund
State increases annual contribution to pension fund by 35 percent, thanks to shifting of state lottery proceeds.