By Jenni Bergal, includes “Michigan Democratic Gov. Gretchen Whitmer has proposed allocating hundreds of millions of dollars to replace or repair it and more than 119 other local bridges in serious or critical condition, using one-time money coming from a state surplus. She and leaders in other states who have wound up with unexpected budget surpluses despite the COVID-19 pandemic are planning to use a chunk of the money to tackle long infrastructure to-do lists.”
By Ron Fonger, includes “Mayor Sheldon Neeley’s proposed $71-million budget for the fiscal year that starts July 1 is balanced, doesn’t forecast layoffs and includes $33 million in pension contributions. But after using a one-time boost from an internal service fund, the budget also forecasts a shrinking fund balance …”
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
With more shutdowns looming and a vaccine months away from wide distribution, governors across the country are pleading for more help from Washington ahead of what is shaping up to be a bleak winter.
Beaumont Health paid its chief executive a $2.6 million bonus weeks before the state'slargest hospital system turned to the federal government for a financial bailout.
Michigan’s new unemployment claims rose more than 50% over the previous week. The news arrived on the same day the U.S. Commerce Department announced third-quarter numbers reflecting a 33.1% growth in gross domestic product (GDP).
The state of Michigan has long incubated financial stress among its localities. Though not the state’s intention, limits on local governments’ ability to raise revenues, coupled with reduced state aid, have decimated local budgets.
The Detroit Financial Review Commission (FRC) voted unanimously today to immediately grant a waiver that releases both Detroit Public Schools (DPS) and Detroit Public Schools Community District (DPSCD) from active state oversight. The elected DPSCD School Board and its appointed Superintendent manage the district along with DPS, which solely functions to manage the district’s legacy debt.
What’s it called if you bail someone out who’s not in trouble?
Grand Traverse Pavilions, a county-owned nursing home, is seeking to sell $6.3 million in bonds to finance unfunded pension debt, a financial plan provided the Record-Eagle shows, though some county officials question the strategy.
The 2020 Financial State of the States report surveys the fiscal health of the 50 states prior to the coronavirus pandemic. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.
Billions of dollars from the federal government have helped keep Michigan afloat amid financial hardships caused by the coronavirus (COVID-19) pandemic.
An accused co-conspirator called it an “unholy alliance” — dealings between a longtime Ohio politician seeking to restore his power and an energy company in desperate need of a billion-dollar bailout to rescue two nuclear plants in the state.
It was a long road getting Detroit out of a financial abyss. The city endured the largest municipal bankruptcy in American history after decades of decline, and as the city began to recover, a global health emergency burned through the streets.
It is a common misperception that a debtor must prove insolvency in order to qualify for relief under the Bankruptcy Code. But only municipal debtors seeking relief under Chapter 9 must do so.
Since the COVID-19 pandemic arrived here in Michigan, the Mackinac Center for Public Policy has worked tirelessly to offer up policy insights and expertise to decision-makers in the state and elsewhere. Our work has run the gamut.
Now that the immediate concerns over COVID 19 have passed in Michigan, state lawmakers have to tackle the financial impact of the pandemic.
An annual study by national financial watchdog Truth in Accounting (TIA) found that many of the states that are now crowing the loudest for a federal bailout during the pandemic are among the states that are performing the poorest.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
The House recently passed a plan for the federal government to spend another $3 trillion to help mitigate the impact of the COVID-19 pandemic. Congress should stop this proposal in its tracks — particularly its elements that are unrelated to the pandemic.