Government tax revenues in some parts of the U.S. are rebounding as the economy emerges from the coronavirus lockdown, a positive sign for governors and mayors who had been bracing for the biggest fiscal crisis in decades.
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.
The city of Cincinnati will not have to borrow money to make its fiscal year 2021 budget, which began on July 1, come into balance.
If I don’t do this no one else in Ohio media will.
The billion-dollar bailout of one of Ohio’s biggest utilities seemed suspicious from the start. It turns out the F.B.I. was paying attention, too.
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.
As Congress negotiates another coronavirus relief package, the federal deficit and debt are rising at record pace.
On Monday afternoon, Ohio teachers and union leaders called on the U.S. Senate to pass a COVID relief bill immediately.
House Speaker Larry Householder (R-Glenford) has been arrested in connection to a $60 million public corruption racketeering conspiracy case. Federal agents were at his farm in Perry County Tuesday morning.
Many of New York’s cities begin their new fiscal year July 1, and they are struggling to balance their budgets after the effects of the COVID-19 pandemic. Recent protests in some cities are straining budgets even further.
An initiative designed to identify duplicate payments the state made and recoup taxpayer dollars has identified more than $1 million in redundant payments made during the past 16 months.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
A handful of farmers in Ohio’s Mahoning County are getting an unpleasant lesson in government power at the hands of a local park district. Mill Creek MetroParks, a public agency governed by five unelected commissioners, wants to take over an abandoned railroad line running through about a dozen local farms for a recreational bike path.
Some Ohio lawmakers are pushing for increased oversight of the state’s public pension systems, amid recent moves by some of the systems to cut benefits for hundreds of thousands of current and future retirees.
OPERS joins the rest of Ohio’s public employee pensions in making benefit cuts,
Outside auditors are recommending that the Ohio Public Employees Retirement System should pick the custodial banks to oversee billions of pension dollars – not the state treasurer – and system should hire the fund’s lawyers – not the state attorney general.
Ohio’s four largest public pension systems, which control $200 billion on behalf of 1.9 million workers and retirees, are paying more than $407,000 a year for outside lobbyists to make their cases with state lawmakers and federal officials, public records show.
Is federal deficit spending a problem? You bet. But it isn’t our biggest problem yet.
“I would like to clear up several misstatements in the recent News Record article about University of Cincinnati employee pensions. … The crux of the article — the university’s net pension liabilities — is a figure that the Governmental Accounting Standards Board requires the university to report in their financial statements. However, the university’s only responsibility is to remit the statutorily required contribution rates, and this liability is reflected for accounting purposes only. …”
“The Ohio Police & Fire Pension Fund (OPFP) is making a concerted effort to build out its real assets portfolio, after the board approved a pacing plan to invest $290 million in the asset class throughout the 2019 calendar year. … Private infrastructure has been trending amongst institutional investors lately, since the characteristics of a long-term investment with stable, sometimes predictable cash flows fit the long-term and risk-adverse [sic] nature of public pension plans.” (Note: Looks like the 2009-2010 bailouts “worked.” Look out below.)