Looks like the city is making its best effort to try to resolve budget imbalance. Ohio is one of the states that has a strong oversight/receivership program and municipalities may not file bankruptcy without approval of the state. Local governments… Continue Reading →
Here’s a clip from the California League of Cities concerning AB 155. AB155 (and its parallel, SB88) briefly, would prevent California cities from filing bankruptcy without going through the state — California Debt Investment Advisory Commission (CDIAC). Numerous other states have… Continue Reading →
Here’s a good, local clip about the Harrisburg bond/incinerator problem:
Harrisburg, Pennsylvania can’t really afford to pay for the Resource Recovery bonds that it guaranteed. Their recently adopted 2010 budget does not include debt service for this guarantee (see prior post with link). It is accepted practice for rating agencies… Continue Reading →
This link from a recent release by the Brookings Institution, Robert Puentes comments on the New Jersey and Virgina transportation funds. New Jersey’ transportation trust fund will be spending all of its revenues on debt service by 2011; Virginia’s new… Continue Reading →
A blogsite, “Mish’s Global Economic Trend Analysis” recently aggregated a selection of news stories covering state and local government budget deficits and proposed layoffs. Click here to link to the post. There are a few differences between private sector layoff announcements and the public… Continue Reading →
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