Category: Government
New federal tax bill might prompt changes to state tax codes
As states plan their budgets, many will find there are pros and cons to the new federal tax bill. Some states will experience a new increase in revenue, while most will notice the new law does nothing to reduce the significant balance of state and local accounts receivable. According to the Board of Governors of
Municipality Bankruptcies Signal Fiscal Health
Bankruptcies among municipalities aren’t something you hear about every day. But since January 1, 2010, more than 60 cities and other U.S. municipalities have filed for bankruptcy according to Governing.com. Among the largest of these bankruptcies is Detroit, which filed bankruptcy in 2013. Historically, other major cities and counties have filed bankruptcy as well, including
Personal Income Growth Rates Signal Pattern for State Governments
Tracking the rise and fall of personal income levels sheds a light not only on you and your family’s economic status, but it also allows state governments to follow economic developments. Personal income levels consist of an individual’s wages, as well earnings from investments, and benefits from your employer or the government. Personal income data
Wildfires Burn Through State Budgets
So far, 2017 has been a notably bad year for wildfires, both in the literal and figurative sense. Nationally, wildfires have consumed nearly 9 million acres of land year-to-date, which is about 45% more than the annual average over the prior ten years. Fighting all of these fires is quite expensive, with the federal government
Multiple Indicators Point to Financial Slowdown for Cities
By many markers, the national economy is performing well as of late. Unemployment figures recently reached a 16-year low, and we have seen steady GDP growth since the 2007 recession. However, those numbers don’t tell the whole story. According to the latest edition of an annual survey from the National League of Cities, a few
How Collection Legislation Impacts Consumer Financial Health
Despite the significant impact of the debt collection industry on the economy as a whole, relatively little research exists as to the impact that state-level collection legislation has on consumer financial outcomes. Preliminary findings in a recent staff report from the Federal Reserve Bank of New York reveal “consistent evidence that restricting collection activities leads
State Rainy Day Funds Face Challenges
When people have to tap into their rainy day fund, it’s to account for surprise expenses. Sometimes we have to fix the furnace when it breaks down, pay for Junior’s field trip, or pay for a vet bill when the dog swallows a sock. Governments have rainy day funds for the same reasons, albeit on
