From the trough of recession it can take up to two more years for cities (and other local governments) to reach their revenue low point, according to research by the National League of Cities and the Brookings Institution. If the overall… Continue Reading →
State legislatures, required to balance their budgets, are up against the wall. Budget gaps have worsened mid-year. When you total the gaps going into the budget for FY2010 with mid-year fissures you come up with more than $190 billion according… Continue Reading →
Further to our discussion of Detroit’s pension, we see that Missouri’s public pension is in a lawsuit with State Street Bank over their securities lending program. These programs are intended to act like demand deposits — but the dollars are huge,… Continue Reading →
Everything you ever wanted to know about state and local government is now in a handbook available for download. The handbook is free but we would like it if you sign up so we can send an occasional e-mail letting you know about new… Continue Reading →
The city of Detroit does not need another financial setback. With unemployment topping 17% and ever increasing short term borrowing, the city is under an immediate survival imperative to cut spending or face insolvency. State revenue sharing is being cut… Continue Reading →
This is a follow-up to the earlier post on October 14 about Prichard, Alabama when the city failed to make the October payment to their retirees. According to the Press-Register city leaders do not expect to pay November either. To protect themselves from the… Continue Reading →
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