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    Entries in cities (15)

    Friday
    Jan272017

    The Week in Public Finance: What We Don't Know About Sanctuary Cities' Funding, New Reasons to Save and More

    A roundup of money (and other) news governments can use.

    BY  JANUARY 27, 2017

    What We Don't Know About Trump's 'Sanctuary City' Order

    On Wednesday, President Donald Trump took his first move to defund cities that refuse to cooperate with federal efforts to deport undocumented immigrants. Trump signed an executive order directing the Secretary of Homeland Security to look at federal grant funding to cities “to figure out how we can defund those streams,” said White House Press Secretary Sean Spicer.

    Many of the nation’s largest cities -- including Chicago, Los Angeles, New York City and San Francisco -- are immigrant sanctuaries and have said they won’t back down from their policy.

    Click to read more ...

    Tuesday
    Nov082016

    New Jersey Voters Refuse to Build Casinos Outside Atlantic City

    With Atlantic City in financial crisis because of casino closures, the state's voters aren't willing to take any more gambles.
    BY  NOVEMBER 8, 2016

    Atlantic City will keep its monopoly on New Jersey's gambling industry. Voters overwhelmingly rejected a ballot measure that would have added two new casino sites in the northern part of the state.

    The results are a rare win for the struggling seaside resort town, which has met repeated disappointment in recent years as casinos have closed and pushed the city into a fiscal crisis.

    In the weeks leading up to the vote, polling showed the measure headed for defeat. With about half of precincts reporting on Tuesday night, results showed the referendum failing 78 percent to 22 percent.

    Although the measure said about one-third of any new casino revenue would have gone to Atlantic City for 15 years for economic revitalization, opponents said they doubted the revenue-sharing proposal would generate enough money to make a difference. Opponents included casino worker unions and Atlantic City-area stakeholders.

    Click to read more ...

    Tuesday
    Nov012016

    The Week in Public Finance: Petitioning for Bankruptcy, Lost Airbnb Revenue and Downgrading New Mexico

    BY  OCTOBER 28, 2016

    'Put Bankruptcy on the Ballot!'

    Activists in financially beleaguered Scranton, Pa., are petitioning for a ballot initiativethat would let residents decide if the city should file for bankruptcy. It’s a first-of-its-kind petition and reflects the ongoing frustrations of a city that's been "fiscally distressed" for two decades.

    Scranton is one of Pennsylvania’s Act 47 cities, which designates it as fiscally distressed and opens it up to aid and other resources from the state. The designation also means that the city must comply with certain fiscal requirements, such as developing a recovery plan.

    But Act 47 has had its problems, the biggest being that it doesn’t seem to provide enough oversight.

    Click to read more ...

    Friday
    Oct282016

    The Week in Public Finance: New Jersey's Tax Plan, Online Lending Myths and Cities' Recovery

    BY  OCTOBER 14, 2016

    New Jersey: Between a Rock and a Hard Place

    Moody’s Investors Service has panned New Jersey’s plan to beef up its transportation funding, mainly because it does so at the expense of other state programs. The legislature this month approved a 23-cent gas tax increase, which will raise approximately $1.2 billion.

    But to offset the tax increase, the legislature also approved tax reductions.

    Click to read more ...

    Friday
    Oct142016

    City Revenues Expected to Finally Recover From Recession

    But cities are still dealing with slow revenue growth and rising costs, according to a new report.

    BY  OCTOBER 14, 2016

     

    City revenues have struggled to get back to pre-recession levels. But things may finally be looking up.

    On Thursday, officials announced that they expect city incomes to fully recover by next year -- a decade after the start of the Great Recession.

    It’s by far the longest revenue recovery period in more than a generation as the bounce back period after the previous two recessions was done in half the amount of time. Currently, officials estimate that city revenues (accounting for inflation) have reached 96 percent of what they were in 2006, the year before the recession started.

    Click to read more ...