The Williams Report
Budget:
California: San Diego Unified Approves $124 million in budget cuts
San Diego may be facing layoffs after $124 million cut from the education budget.
Illinois: 10 Reasons Illinois’ ‘Grand Bargain’ Fails Taxpayers
“The Illinois Senate’s ‘grand bargain’ budget plan is no more than a taxpayer bailout of Springfield’s failures.”
Kansas: Kansas Tops Revenue Estimates, Trimming Budget Shortfall to Roughly $280 Million
Kansas’s budget shortfall drops due to higher than expected revenues for four months.
Louisiana: House Supports Deeper Budget Cuts Than Gov. Edwards Wants
A bill cutting Louisiana’s budget by $115 million, $55 million more than Governor Edwards wanted, passed the Louisiana House and is currently being considered by the state Senate.
Louisiana: Louisiana Legislature Agrees to Deficit-Closing Plan Hours Before Special Session Deadline
Having dealt with the state’s budget shortfall for this fiscal year, the legislature moves on to addressing the budget shortfall in the next fiscal year.
Minnesota: Minnesota’s Budget Surplus Grows to $1.65 Billion
Legislators in Minnesota debate between tax cuts and increased spending of a projected budget surplus.
Mississippi: Bryant Cuts State Budget Again
Mississippi’s budget gets cut for a third time due to falling revenue.
Mississippi: Mississippi grappling with shortfalls, cuts, contrasting oversight and reverse repealers
A bill to allow the state agency directors to “ignore civil service rules” so as to reduce the number of state employees has been passed by the state House and is currently under consideration by the state Senate.
Nebraska: Struggling Farm Economy Could Worsen Nebraska Budget Woes
Struggling agricultural industry prompts state discussion on how to address budget deficits.
Ohio: City Opposes State Budget Provisions
The City Council of Troy, OH is considering joining other local governments to oppose Governor Kasich’s budget, claiming negative impacts on local tax revenue.
Oklahoma: S&P Lowers Oklahoma’s Bond Rating Amid Revenue Decline
“S&P Global Ratings issued a report that lowered the state’s general obligation bond debt rating from AA+ to AA. The agency also lowered its rating on the state’s appropriation debt from AA to AA-.”
West Virginia: Governor Seeks OK to Furlough WV Employees in Budget Crisis
The governor seeks to furlough workers as a means to address budget deficits.
Pensions:
California: CalPERS tells four cities pay to avoid pension cuts
Retirees will have their pensions cut if their local governments do not pay down their debts.
California: Taxpayer Hit For Pensions Keeps Ratcheting Up
Costs of California’s pension system rising as investment projections fall.
Texas: Are City Employee Pensions at Risk?
Dallas and Houston struggle to fund public pensions.
Illinois: Illinois Senate Rejects Key Bill in Budget Deal Again
“The Illinois Senate on Tuesday rejected a key pension bill for a second time, leaving the fate of a bipartisan deal to end the state’s record budget impasse on shaky ground.”
Indiana: SKARBECK: State’s Investment Strategy For Pensions Not Paying Off
Indiana serves as an example of the risks of overly complex pension investments.
Kentucky: Troubled Kentucky Pension System Might Need Billions More Than Assumed
Due to errors in projected returns of pension investments Kentucky is scrambling to make up for shortfalls in the pension funds.
Kentucky: Bill That Would Divide Kentucky’s Ailing Pension Agency Goes to Senate
A bill separating the state and local pension systems is currently under consideration in the Kentucky Senate.
New Hampshire: House OK’s Bill to Restore State’s Pension Promise
The New Hampshire House has approved a bill requiring the state to contribute to police, firefighter and teacher pensions.
New Jersey: Pension Fury: NJ Cops, Firefighters Just Rose Up Against Christie
Proposed legislation in New Jersey would move control of Police and Firefighters pension to a board of trustees.
New Jersey: Christie Proposes Lottery Revenues for Pensions
To address New Jersey’s unfunded pension liabilities Governor Christie proposes using state lottery revenue.
South Carolina: South Carolina House Passes Pension Reform Bill
Lawmakers in South Carolina attempt to address the state’s pension shortfall with larger contributions from the state and employees.
Texas: Reducing the Burden of Texas’ State Liabilities on Current and Future Generations
“Rising state debt, lack of transparency among state liabilities (i.e., debt and pensions), unfunded liabilities of state pensions, and issuance of state debt will continue chipping away at the public’s well-being without key reforms.”
Texas: Police & Fire Pension Board Back State Rep. Plan to Save Troubled Fund
The Dallas Police and Fire Pension Fund Board is considering changes to the pensions system to avoid running out of money.