The Williams Report
Fiscal:
Alaska: Alaska finalizes the state’s capital budget of $1.4 billion dollars, primarily in construction projects.
Connecticut: As municipalities face transfer cuts from the State, they ask the governor for regulatory reform so they can adapt their budgets to lower GF revenue.
Rather than address shrinking revenues with economic growth, CT will almost assuredly raise the sales tax from 6.35 to 6.99 percent.
Connecticut: House Democrats eye week of Sept.11 for state budget vote.
Florida: Florida’s tax revenue experiences a boost due to gambling settlement.
Kentucky: Consensus Forecasting Group projects a $200 million dollar budget deficit for FY18.
Louisiana: Louisiana’s budget advisors project a $1.5 billion dollar shortfall; legislators express skepticism at the estimate.
Maine: Maine referendum to expand Medicaid projected to break state budget.
Michigan: State to face $2 billion budget squeeze in general fund.
Minnesota: Revenues fall short of projections in Minnesota.
Montana: Montana to reduce state budget by $70 million in response to its revenue shortfall.
New Mexico: Projected revenues on track to slightly outpace spending.
New York: State police expenditures exceed budget by $26 million.
Oklahoma: After the state Supreme Court ruled against the cigarette tax, Oklahoma likely to enter special session to close the budget gap.
Oregon: Rising fixed costs force Oregon to layoff k-12 staff, despite increasing the budget by $400 million dollars.
Pennsylvania: Pennsylvania considers closing $2 billion dollar budget gap with a gross receipts tax on natural gas, increasing utility bills across the state.
Rhode Island: Rhode Island enacts a cigarette tax increase of $.50 cent per pack, totaling to $4.25.
Seattle: Legal action against Seattle’s unconstitutional income tax is mounting.
Texas: Texas faces growing future deficit due to budget deferrals, totaling nearly $8 billion in future costs.
Vermont: Committee oks state budget cuts.
Vermont: Vermont’s state budget is projected to be $28 million dollars short.
Wisconsin: Budget negotiations likely to resume in the next week.
Pensions:
California: Transparent California’s most recent report finds that the number of retirees collecting over $100k per annum has increased by 63 since 2012.
California Supreme Court to decide if Proposition B, which moved new San Diego hires to DC plans, will be struck down.
Florida: Florida may ban pension investments into Venezuelan companies
Illinois: Illinois may shift Teacher Retirement System costs to local school districts.
Rules Committee blocked pension reform in Illinois. The legislature voted and passed 577 bills, but many of them never left the rules committee- including a bill which would have switched the general assembly to 401k healthcare plans.
Kentucky: State budget director launches pension reform website.
Kentucky: Kentucky Governor Matt Bevin states that pension reform is the top priority for the state, as it is approaching insolvency.
Maryland: Moody warns that Maryland’s growing pension liabilities could result in a credit downgrade.
Mississippi: In Mississippi’s Jackson County, a collapsed hospital pension may end up on the taxpayers tab.
New Jersey: Credit agencies unimpressed with New Jersey’s lotto fund transfers to the state pensions.
New York: New York’s state employee pension plan passes concerning thresholds; more than 3000 retirees collecting $100k+ annual benefits.
Pennsylvania: Underfunded Pennsylvania pension fund must do better, says state auditor.
Pennsylvania: Pennsylvania’s SERS claims to have a “good year,” but did not meet its assumed rate of return. The state, and therefore the taxpayer, will be likely held liable for the gap between the assumed returns and the actual returns.
Rhode Island: Rhode Island makes it easier for firefighters and police officers to enroll in their disability pension plan.