Local Budget Pressures are Real. So Why Don’t Cities Just Raise …

States dictate whether and by how much cities can raise and spend their revenues, and over the past 30 years, this local authority has become increasingly restricted. According to NLC’s long standing City Fiscal Conditions survey of municipal finance officers, since the mid-1990s, irrespective of economic conditions, … See more

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Local Tax Limitations Can Hamper Fiscal Stability Of Cities And ...

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Jul 8, 2021 · Local tax limitations: a primer Property taxes . For cities and counties, property tax revenue makes up 61% of own-source tax revenue—revenue from taxes the local government …

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Even With Biden Stimulus, City Budgets Are Still Threatened - Forbes

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Mar 15, 2021 · President Biden’s $1.9 billion relief package includes substantial aid to states and cities. But economist Howard Chernick, at a Federal Reserve Bank of New York seminar, …

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How Local Governments Raise Their Tax Dollars

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Jul 27, 2021 · Localities in Kentucky (45%) and Ohio (41%) receive most of their local tax revenue from this source. Taxes make up over 60% of local governments’ total revenue from local …

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Climate Change Will Increase Local Government Fiscal Stress In The ...

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Mar 3, 2022 · Local government budget pressures. ... they will need to raise revenues by approximately 4.2% each year 4. This will be particularly challenging for local governments, ...

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FAQs about Local Budget Pressures are Real. So Why Don’t Cities Just Raise … Coupon?

Are local budget pressures real?

Local Budget Pressures are Real. So Why Don’t Cities Just Raise Taxes? The toll of the current public health crisis continues to unfold on municipal budgets with revenue shortfalls anticipated to near $360 billion over the next three years. ...

How do local governments raise revenue?

Explore below to learn more about how local governments raise revenue. Cities, counties, towns, and other local governments collect around $800 billion in taxes each year to support vital priorities including education, infrastructure, public health, and public safety. ...

Should cities rely on their own revenue raising capacities?

One path that has been suggested is that cities should just rely on their own revenue raising capacities, like increasing taxes. Cities will need to be dynamic as they adjust their budgets to new economic realities. Unfortunately, their options are often hamstrung by tax and expenditure limits (TELs). ...

Why are state governments facing extreme budget problems?

State governments are facing extreme budget problems due to increasing sums paid out for unemployment and health costs caused by the coronavirus crisis. At the same time, revenues from sales taxes and corporate and personal income tax payments have plummeted. State governments are experiencing these issues as reported in 'State and Local Budget Pain Looms Over Economy’s Future'. ...

Why do States pay a price when local governments struggle?

When local governments struggle, states pay a price, too—because of lost jobs, reduced tax collections, diminished services, and, in extreme cases, costly state bailouts. ...

Why do cities have a tight fiscal position?

Additionally, many states in the Southwest and West, as well as New Jersey, set strict expenditure limitations on municipalities, capping their total budgets and severely restricting their fiscal positions. Cities with economies that align with their tax structures have stronger fiscal positions. ...