Here is an interesting clip from MLive about the debate over Flint’s dire finances. Michigan has a receivership program that has been used a number of times so municipalities cannot just file bankruptcy in federal court without going through the… Continue Reading →
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 →
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 →
Several states are showing scary illiquidity. New Jersey’s governor just yesterday impounded funds the legislature had already appropriated and announced a state of emergency. He stopped short of “declaring” emergency, which would have given him special powers over contracts. 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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