All articles tagged with #state finances
Missouri's recent capital gains tax cut is projected to cause significantly higher revenue losses than initially estimated, with a potential first-year loss of up to $500 million, complicating the state's budget planning amid large reserves and ongoing expenditure challenges.
Saudi Arabia's Aramco is maintaining its $31 billion dividend payout to support state finances, despite rising debt and a challenging oil market outlook.
California Gov. Gavin Newsom is facing a $73 billion budget deficit, which some lawmakers attribute to his "mismanagement of state finances." Democratic lawmakers have reached an agreement to reduce the deficit by $17.3 billion through spending cuts and deferrals, a move criticized by Republican lawmakers as "gimmicky." The deficit is attributed to an economic slowdown, high unemployment, and an exodus of businesses and residents from the state. Critics also point to progressive policies such as taxpayer-funded health care for illegal immigrants as contributing factors to the state's financial woes.
Governor Newsom outlines a plan to address California's projected $38 billion budget deficit, proposing $8.5 billion in cuts, delaying spending, and withdrawing $13.1 billion from reserves. The deficit projection is less dire than previously estimated, with Newsom assuming higher revenues than legislative analysts. The plan includes protecting investments in homelessness, mental health reform, and public safety, while facing criticism from Republican leaders for not acting earlier to reduce spending. The budget proposal will undergo revisions and evaluations by lawmakers before the June 15 deadline.
Minnesota is at risk of facing a budget shortfall due to a revenue shortfall caused by the COVID-19 pandemic. The state's fiscal deficit is expected to reach $4.7 billion by 2023, leading to potential cuts in public services and increased taxes to address the shortfall.
New Mexico is projected to have $3.482 billion in "new money" by fiscal year 2025, thanks to economic growth and the state's oil and gas industry. The state recently increased its estimate for available funds, with an additional $866.2 million for fiscal year 2023 and $790.7 million for fiscal year 2024. Lawmakers are urged to plan for the future and reduce reliance on oil and gas, while Republicans advocate for investing the extra cash. The possibility of another round of payouts to residents remains uncertain.
South Carolina's Republican Comptroller General Richard Eckstrom will resign next month after a $3.5 billion error in the year-end financial report he oversaw. The Senate panel investigating the financial misstatement issued a damning report last week accusing Eckstrom of “willful neglect of duty.” The governor accepted the resignation, effective April 30. The Senate report concluded that Eckstrom was solely responsible for the mapping error, which happened during the state’s transition to a new internal information system from 2011 to 2017.
South Carolina Comptroller General Richard Eckstrom is resigning from his post after a $3.5 billion accounting error in the year-end financial report he oversaw. The Senate panel investigating the financial misstatement issued a damning report last week accusing Eckstrom of "willful neglect of duty." The governor accepted the resignation, effective April 30. The Senate report concluded that Eckstrom was solely responsible for the mapping error, which happened during the state's transition to a new internal information system from 2011 to 2017.
South Carolina Comptroller General Richard Eckstrom will resign next month after a $3.5 billion accounting error in the year-end financial report he oversaw. The state's top accountant will leave the elected post he has held for 20 years on April 30. The blunder's revelation last month brought mounting scrutiny, with House lawmakers calling for an impeachment inquiry. The Senate panel investigating the error issued a damning report last week that suggested Eckstrom resign or face removal “for willful neglect of duty.”
South Carolina Comptroller General Richard Eckstrom will resign next month after a $3.5 billion accounting error in the year-end financial report he oversaw. The blunder’s revelation last month brought mounting scrutiny, with House lawmakers calling for an impeachment inquiry. The Senate panel investigating the error issued a damning report last week that suggested Eckstrom resign or face removal “for willful neglect of duty.”