Hobbled by a chronically underfunded pension system, Maine was not prepared to weather the economic storm that came with COVID-19, a recent report states.
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.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
The coronavirus pandemic is paving the way for a state budget crisis that will likely be deeper than any Maine has seen in decades.
A new report shows Maine lost more than $31.5 million at the state level in fiscal 2018 due to government tax incentives.
In 2015, the Government Accounting Standards Board (GASB) released Statement Number 77, advising local and state governments to disclose the amount of revenue lost from tax abatements.
Maine’s public pension fund earned double-digit returns in six of the past nine years.
According to Sandy Matheson, executive director of the Maine Public Employees Retirement System (MainePERS), there is good reason to be optimistic that the public pension system in the U.S. may be turning a corner towards greater stability and financial strength.
In a bid to attract new residents, Maine has the ultimate incentive for those drowning in student loans; move there and they'll help pay them off. The catch? You have to make enough money to pay taxes - unless you're a STEM major!
It's an all-too-common headline: Government employee steals public money. While the details are different, the general outline of the scheme is usually the same. It's an all-too-common headline: Government employee steals public money. While the details are different, the general outline of the scheme is usually the same.
In spring 2016, Sandy Matheson, the executive director of the Maine Public Employees Retirement System, was panicking.
The filing deadlines for candidates to enter state legislative races have already passed in 31 states.
Economists have long criticized politicians’ penchant for creating narrow legal carveouts and targeted tax exemptions to lure large corporations.
Mainers have approved a constitutional amendment dealing with the state pension system.
One of the questions on next Tuesday’s statewide ballot asks voters to approve a constitutional amendment to change the debt repayment schedule in the retirement system for state workers and public-school teachers.
I’m all for supporting our troops. I’m also for a show of force and felt the recent Syrian attack was warranted, but I do not like waste.
Only about half of U.S. states even allow their municipalities to file for bankruptcy.
Enacted state budgets for fiscal 2016 represent a sixth consecutive year of spending and revenue growth, according to this report.