What Happens When Cities Run Out of Money - Slate Magazine

Jun 5, 2023 · Two of these three things. “In a state or local fiscal crisis, there are three bad outcomes,” Schleicher, a law professor at Yale, writes, “moral hazard, austerity-induced …

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Why Tighter Budgets Might Be Better For States In The Long Run ...

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Oct 3, 2024 · The new Florida budget also allocates $1.5 billion toward tax relief and uses $6.3 billion to pay down outstanding debt, bringing state debt to a 25-year low. Meanwhile, the …

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Tracking The Fallout From State Tax Cuts | Center On Budget And …

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May 30, 2024 · Iowa is bracing for a $1.1 billion budget hit as it phases in its 2022 flat tax, according to new revenue forecasts.The 3.8 percent flat income tax structure benefits Iowa’s …

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States Faced Financial Ruin. Now They’re Swimming In Cash.

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Jul 7, 2021 · Then in June, with weeks until the budget was due, state forecasters delivered an astounding report: New Jersey’s tax collection estimates had improved by about $5.2 billion, …

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FAQs about What Happens When Cities Run Out of Money - Slate Magazine Coupon?

Why did state budgets swell 30 percent over a three-year span?

State budgets swelled by roughly 30 percent over a three-year span as the country grappled with fallout from the public health crisis and Congress handed out federal funds to governments across the country. ...

Which states are cutting spending in fiscal 2025?

Among the states that are cutting spending in fiscal 2025, a handful are doing so because they were facing budget deficits. For example, Arizona lawmakers closed a $1.4 billion shortfall largely by cutting state education spending as well as budgets for most state agencies. ...

How often is a state budget passed?

A state’s budget is passed every year, or every other year in states with a two-year or “biennial” budget. The budget process occurs during most states’ legislative session, which usually begins in January. The process starts when the governor submits a proposed budget (in some states this happens before the start of the legislative session). ...

Will Minnesota face a budget shortfall in 2026?

In Minnesota, budget forecasters have warned that the state is on track to face a shortfall beginning in 2026. Thanks to record reserves in rainy day funds, many states are well prepared to weather a revenue slowdown. Alaska Governor Mike Dunleavy (R), for example, has proposed using savings to cover the state’s nearly $1 billion deficit. ...

Did Florida veto a $117 billion budget?

Florida Governor Ron DeSantis (R) vetoed nearly $1 billion across a wide range of programs in the state’s 2025 budget, saying that some of the allocations weren’t “appropriate for state tax dollars,” reported the News Service of Florida. Last year, DeSantis had signed a record $117 billion budget. ...

Why are States heading into a spending slowdown?

A big reason that states are heading into a spending slowdown is that much of the spending boosts in recent years were one-time expenditures. States used budget surpluses to pay down pension liabilities and fixed debt, boost their rainy day funds, invest in infrastructure, or issue one-time rebates to taxpayers. ...