The fiscal shock from the pandemic is expected to be comparable to that of the last recession. Before the pandemic’s start, state budgets had mostly recovered from the 2007–2009 crisis, and many had built up rainy day funds to draw from during downturns. But the cushion is nowhere near sufficient to prevent … See more Most state and local governments keep two budgets. The operating budget, often simply referred to as “the budget,” funds ongoing outlays such as employee salaries, payments for services, and interest on long-term … See more The U.S. national economy is composed of a vast collection of local and regional economies, where state and local policies play a significant role. Collectively, state and local … See more The deep economic recession of December 2007 to June 2009 and slow recovery put many subnational budgets in unusually dire straits. Depressed tax revenues, elevated … See more On their own, state and local governments have few optionsfor dealing with budget shortfalls of great magnitude. Some states’ laws prohibit … See more WebFeb 15, 2024 · [Over 700 cash-strapped cities halt plans to repair roads, ... The majority of states saw a decline in tax revenue, and many states experienced budget gaps due to pandemic-related costs.
How the Pandemic Has Affected Municipal Budgets in …
WebFeb 24, 2024 · Hutchinson, vice chair of the National Governors Association, said his state has already patched its pandemic budget gap, its economy is booming and Arkansas doesn't need the additional help that ... WebMar 5, 2024 · The left-leaning Center on Budget and Policy Priorities recently estimated that the budget gap is around $225 billion, but it noted that that doesn’t include states’ and … how to saw large logs
How COVID-19 Is Harming State and City Budgets
WebJun 23, 2024 · More than 800 cities, or about 75 percent of those surveyed, have sought to make up for their gaps by slashing spending in some fashion, either across the board or in more-targeted areas such... WebWhat money the city had put aside for long-term health costs (just 4 percent of what it owed), de Blasio promptly swiped to help close its pandemic budget gap. “Much of New York’s budget mess owed to its extraordinary workforce costs, which far exceed those of other cities.” O ther thriving cities also spent the pre-virus years mortgaging ... WebAug 17, 2024 · The City of Poughkeepsie ended the pandemic’s first year with a general fund shortfall of more than $938,000, and an estimated gap of up to $4 million is … northfield ice skating