Creative Commons / TaxCredits.net
Creative Commons / TaxCredits.net
State Budgets

The Williams Report

Budget:

Connecticut: Six Things To Know About The State Budget
Governor Malloy attempts to address budget shortfalls through a combination of wage negotiations and increasing tax revenue.

Florida: Gov. Rick Scott proposes $83.5 billion state budget
Relying on increased property value to boost revenue from property taxes to fund increases in education funding, Governor Scott pushes for reduced corporate taxes to create more jobs in Florida.

Iowa: Gov. Branstad approves state budget cuts
Governor Branstad approved a plan to address Iowa’s $118 million budget shortfall with cuts to spending and money from trust funds.

Michigan: Governor Snyder unveils $10 billion 2018 budget
Michigan’s general fund of $10.1 billion is a modest 1.75 percent increase over the previous year’s budget.

Massachusetts: Gov. Charlie Baker to propose $40.5 billion FY18 state budget
Governor Baker’s budget assumes a 3.9 percent increase in tax revenue from closing loopholes for taxes on online sales while reducing the income tax.

Missouri: MO Lawmakers work to finalize state budget
The chairman of Missouri’s House Budget Committee believes that many of the governor’s proposals will be acceptable, but wants education funding increased.

Nebraska: Nebraska lawmakers advance bill to balance state budget
Despite disagreements in budgeting earlier in the year, senators in Nebraska voted 46-1 to advance a bill to balance the state budget.

New York: Proposed New York state budget would boost fees for drivers, lawyers, SUNY students.
Through taxes and fees Governor Cuomo proposes collecting an extra $4.6 billion from New York taxpayers over five years.

North Carolina:  Capitol Insider: A rising tide lifts the state budget
“Despite recent tax cuts, the estimated surplus was up 30 percent over last year’s finish of $425 million in the black.”

Ohio: Governor Kasich unveils tightened state budget: here’s what you need to know
Governor Kasich’s plan to increase job growth in Ohio would lower income taxes and reduce the number of tax brackets.

Pennsylvania: Gov. Tom Wolf proposes $32.3 billion state budget
Pennsylvania’s proposed budget attempts to close budget shortfalls primarily with bureaucratic reforms and a new tax on natural gas production.

Virginia: House passes amended 2016-2018 state budget
Governor McAuliffe’s proposed balanced budget was passed by Virginia’s House of Delegates 98-2.

West Virginia: Legislature expected to slash millions from West Virginia state budget
Senate President Mitch Carmichael proposed restructuring the tax system to remove the income tax in a revenue neutral manner.

Wisconsin:  Walker’s state budget proposal at a glance
“Walker did not propose any faster growth in the statewide private-school voucher program that advocates for choice schools had hoped.” Feb. 9, 2017

Wyoming: Bob Williams: Priority-based budgeting is right solution for Wyoming
“Accounting gimmicks will not resolve the structural deficit. This broken budget process should be replaced with priority-based budgeting, focused on delivering results for hardworking taxpayers.”

Pensions:

California: California Teacher’s Pension System Lowers Projection, Potentially Tripling What Taxpayers Will Owe
Failing to meet its projected returns, California’s pension systems may leave taxpayers on the hook for three times what had been previously planned.

Hawaii: Unfunded pensions—just the tip of the iceberg
“Is a 7 percent return on investment sustainable into the future? Another organization that studied the issue said that a more realistic rate of return would be the ‘risk-free’ rate, which they calculated at 2.344 percent.”

Maryland: State procrastinates on pension fund fixes- again
Governor Hogan proposed a system to private a retirement plan similar to 401(k)’s for state employees.

Michigan: Michigan Governor proposes lowering the assumed rate of return, eyes pension reform.
As the projected rate of return on pension investments in Michigan fails to manifest, taxpayers in the state will have to invest more into the states pension programs to keep them solvent. Feb. 9, 2017

Snyder creates task force to address pension reform. The governor convened a group of experts from various professional backgrounds to provide ideas in reforming the state’s pension programs, while shifting away from pensions in general.

New York: State legislature announces pension reforms; plan long overdue, says local assemblyman
“Under the measure, a public officer convicted of a felony directly related to his or her duties could be subject to pension reduction or revocation following notice and a court hearing.”

Texas: Texas may still be giving state-funded pension to convicted elected officials
“The Tribune identified more than two dozen former elected officials with prior felony convictions who are potentially collecting retirement payouts.”


In Depth: State Budgets

Smart budgeting is vital to a state’s financial health. The ALEC State Budget Reform Toolkit offers more than 20 policy ideas for addressing today’s shortfalls in a forthright manner, without resorting to budget gimmicks or damaging tax increases. One way to stabilize budgets over time is to embrace …

+ State Budgets In Depth