Recent spending proposals outlined in Gov. Gavin Newsom’s May budget revision outpace revenues, with the chance the state can afford its spending levels less than one-in-six across a five-year period, according to a report released May 23 by the state’s nonpartisan Legislative Analyst’s Office. “If the Legislature adopts the Governor’s May Revision proposals, the state…
California Can’t Afford Newsom’s Revised Spending Plan: LAO
May 26, 2023
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States Face Budgetary Pressure Amid Weaker April Income Tax Revenues
A number of states are feeling financial strain as they deal with lower income tax revenues for April compared to last year, but Fitch Ratings says most remain on track to meet or exceed year-end budget forecasts thanks in part to conservative revenue projections and prior-year surpluses that boosted reserves. April is a key month…
Shrinking Ratio of Canadian Workers to Seniors Will Increasingly Strain Government Finances, Study Finds
As the ratio of working Canadians to seniors continues to shrink, it will strain government spending earmarked for older folks in the years ahead due to fewer working taxpayers, a new study finds. “Workers pay the bulk of taxes, which governments need to fund important services, including health care and income transfers to seniors,” said…
LA Controller: City Needs More Local Contracting
LOS ANGELES—The City of Los Angeles could generate millions of dollars in additional tax revenue by putting more emphasis on giving municipal contracts to local businesses, a move that would also support the city’s economy and create jobs, City Controller Ron Galperin said May 20. Galperin sent a letter to the mayor and city council,…
State and Local Aid Remains Roadblock to Bipartisan Stimulus Deal
WASHINGTON—Democrats and Republicans are far apart in their proposals for the next COVID relief plan and funding for states and localities remains one of the biggest differences, as in previous talks. While Democrats want to bail out states, tax revenue data shows that states have actually fared better than expected, raising the question of whether…
State, Local Aid Remains Roadblock to Bipartisan Stimulus Deal
WASHINGTON—Democrats and Republicans are far apart in their proposals for the next COVID-19 relief plan, and funding for states and localities remains one of the biggest differences, as in previous talks. While Democrats want to bail out states, tax revenue data shows that states have actually fared better than expected, raising the question of whether…
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