Pdf State Funding Update The Fiscal And Political Crossroads Facing Pu

Leo Migdal
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pdf state funding update the fiscal and political crossroads facing pu

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Jump ahead to the original text, published in March 2025. Government Shutdown Ends: The funding lapse that led to the longest government shutdown in U.S. history ended on November 12, 2025, after Congress approved, and the president signed, a bipartisan funding measure to reopen government operations, extending funding for most agencies through January 30, 2026. Government agencies that had been shut down or operating under partial shutdown status are now able to fully resume operations. Federal employees, both those who were furloughed and those who were required to work without pay, are slated to receive retroactive pay, though timing will vary by agency and payroll system. The measure has important caveats: While funding is extended through January 30, 2026, key issues are unresolved, especially an extension of the Affordable Care Act subsidies, which Democrats sought but Republicans resisted.

That means future funding risks remain. After several months of suspension, the U.S. Department of Education has stated the agency will resume processing loan forgiveness for borrowers enrolled in certain Income-Driven Repayment (IDR) plans and for borrowers eligible for Public Service Loan Forgiveness. This action restores relief to qualifying borrowers whose applications have been on hold since July. The resumption marks an important step toward reestablishing confidence in federal student aid and repayment programs, especially for lower-income borrowers who depend on these provisions for long-term financial stability. ��:�Ȯ4�dBD#���r�+ГS��k۸�Y�yFOb���#�� ;���X���$]�K���pFGpx����:F��=�Uؑ�%��g=O&�[�����= 4Y�2��'�1���ػqБ��(�����g�?��};�霞I�l��ʦ��wa.�l4�I5 J�+{x���L�Q�'ک&� ^��S�O�|=�K�k��f�C��r��.�ZLn���+ZT+b**t��'�+���N Iԯ8�+w&�GC� '�6�o� ����L�]���R��H?���=)V�W Uӭ-��|�Q��8|eZ����i�?�����>2�Il~.j̺t��.�b4�#c�����q�ߕ>���uC>�9}f����E�o}���:��td�Sv��O�kkv1��d��ѭ��t\:�8�nZ[s��p=9���pI'k���~g��w���%����_δ��[?��������o�hZu�����;X�����q�O��_q��fظF�j���R�m/.�3��\��8(֩�䊊����'�=G���_�kֺ>_���Bpa��������ῂ�.>ܚ"Z˼3K������@o�Wl�Z\Ҧ��i�� 8��ҭ��/M=0����N��e�5=J�r����������,���gܪ9-��ע��� �',��$�=h�zё�|OӴ��YfP������vF'�>(���N�m~u�C�ط~9�%}D��k�,��>2�t�WX����Qx�F����P 8�9��&��MI.��Ză_Ʋ��?>3�qT�Q��"��P��Oֈ�q�=�@z�4�`e$�� 4� �A�����q��J<������qҀ��GS��+�͟�������ݟ8��#�w��O�A4�b��@�<�{�=}�SM'��mY��G��k�����V�F�"�C��@������)a��y-_¼���y��,]o��eg7��>��du��Ek)��%�5�|�Q��p6���I(���!�|,��@ j��зR��N�G(�x�ٔ�Lkq�aԨ�#�+ KR6����1 rBM��h����wD6nv�% p�&�N���}�>R �4� �SFDžc�;P#7�GG�o[N��BF�"�$zk�7�����)��*yP練��#M�0���cR��##��|+ @�FF+7N,�vc�h��x�T:z��ur��Q����1V�ö� ��cqЇ@�g*k�JMlb� |�!MG�V3�t��ai��QL����G!����/��5_�����F&�|nO������� ��p���K�]��4��O i3�� x�8w'��|�B�2+���s��N���?��9���~�\I��¹g�T��:�Qϡ-'c��Ϳ���Ao|K��Q�q �X�,̡��3U�e��P�F~ݾm���a��G/i9��ֱ�9�5�.k�2���a�߶��� ��ſ�� �Z���ҳ��"�����?�h���^E�� �=�vΘ>�K2��+�^Y��������� "���б�Y?NkX�h��#)��������'ᮼ�ŭZ>�HY��k�c5���꧱����&�]B"���8��d�Qܩ�xwI�C-���zTIw1��x:\��:�槓B��1��3t��[���Ƥd�h2!*b?�i8�ԓFUސ�� ��4���+�?��'�E��3��=8*�I ��t�S�9�'0n�i��A�=�E�^];d}O��q�4=Ɣ���S�{�������K�c���͸���րI�}Χo�YO�������?�@[��Y՜(ҕI=o�M�|�����^9�^��;���U���Up�S#����W����':�O�m���>W�^.��ac�����$V��������GĞ���%�n��c �����x�),�...

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The median rainy day fund balance as a percentage of general fund expenditures has grown every year since the aftermath of the Great Recession in FY2011, and states are expecting to continue this streak,... Total balances, meanwhile, declined in FY 2024 and are expected to do so again in FY 2025 as states spend down prior-year unanticipated surpluses that have accumulated in their general fund ending balances. States spending down a portion of their large balances is to be expected and in line with routine budget practice, with many states directing these surplus funds to one-time investments. ) /Alt () /Pg 9 0 R /K [2] >> endobj 147 0 obj << /Type /StructElem /S /P /E (2) /Alt () /Pg 9 0 R /K [4] >> endobj 148 0 obj... Income tax collections, while overshadowed by steeper increases in property and sales taxes, also experienced positive 1.5 percent growth in 2023 \(in 2017 constant dollars\), due to a healthy job market and the lowest... ) /Alt () /Pg 9 0 R /K [6] >> endobj 151 0 obj << /Type /StructElem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lt () /Pg 9 0 R /K [7] >> endobj 152 0 obj...

) /Alt () /Pg 10 0 R /K [7] >> endobj 157 0 obj << /Type /StructElem /S /H1 /T (County Finances) /E (County Finances) /Alt () /Pg 10 0 R /K [5] >>... Fiscal stress in these cases usually stems from long-standing economic challengesand unique circumstances.) /Alt () /Pg 11 0 R /K [3] >> endobj 171 0 obj << /Type /StructElem /S /P /P 349 0... States have taxing authority and are constitutionally or statutorily required to balance their budgets. ) /Alt () /Pg 11 0 R /K [4] >> endobj 172 0 obj << /Type /StructElem /S /P /P 350 0 R /E (States determine whether their political subdivisions may pursue bankruptcy in... Only 12 states authorize Chapter IX bankruptcy filings for their general-purpose governments, and another 12 states conditionally authorize such filings. Twenty-six states either have no Chapter IX authorization or prohibit such filings.) /Alt () /Pg 11 0 R /K [5] >> endobj 173 0 obj << /Type /StructElem /S /P /P 351 0 R...

Unnecessary federal mandates or preemptions can hinder the ability of state and local governments to effectively serve our constituents and undermine the balance of power envisioned by our Founding Fathers in the Constitution. These mandates and federal intervention often force difficult choices, requiring cuts to essential local services to comply with federal ) /Alt () /Pg 11 0 R /K [1] >> endobj 178 0 obj <<... We believe a more collaborative approach, one that includes consultation and addresses the financial impact on state and local governments, is essential for effective governance.) /Alt () /Pg 12 0 R /K [12] >>... The volume of municipal bonds issued in 2024 was nearly $500 billion, a record high. ) /Alt () /Pg 12 0 R /K [0] >> endobj 185 0 obj << /Type /StructElem /S /P /E (Between 2014 and 2024, states, counties, and other localities invested $3.5 trillion in infrastructure... ) /Alt () /Pg 12 0 R /K [2] >> endobj 187 0 obj << /Type /StructElem /S /P /E (The principal and interest paid on municipal bonds is a small and well-protected share...

The recovery rate of payment for governmental debt far exceeds the corporate recovery rate.) /Alt () /Pg 12 0 R /K [6] >> endobj 191 0 obj << /Type /StructElem /S /H2 /T (Types... Since 2014, the average cumulative default rate) /Alt () /Pg 12 0 R /K [10] >> endobj 195 0 obj << /Type /StructElem /S /Figure /P 106 0 R /Pg 12 0 R /K... [11]) /Alt () /Pg 13 0 R /K [1] >> endobj 200 0 obj << /Type /StructElem /S /P /P 357 0 R /E (There has been only one state that has defaulted on... ) /Alt () /Pg 13 0 R /K [2] >> endobj 201 0 obj << /Type /StructElem /S /H2 /T (Federal Tax Exemption) /E (Federal Tax Exemption) /Alt () /Pg 13 0 R /K... Since then, the federal Internal Revenue Code has exempted municipal bond interest from federal taxation. Over the past twenty years, the federal exemption has saved state and local governments on average 150-200 basis points in additional interest expenses and we expect that to be near 210 basis points in...

Because of the reciprocal immunity principle between the federal government and state and local governments, state and local governments are prohibited from taxing the interest on bonds issued by the federal government.) /Alt ()... Before that, tax-exempt advance refundings helped state and local government take advantage of favorable interest rate environments, which resulted in reduced debt service costs, the freeing up of resources to be used for other... Advance refundings helped issuers save more than $14 billion from 2012 - 2017. ) /Alt () /Pg 13 0 R /K [6] >> endobj 205 0 obj << /Type /StructElem /S /P /E (14) /Alt () /Pg 13 0 R /K [8] >> endobj 206 0 obj... In many cases, plans are further subject to local governing policies, ) /Alt () /Pg 13 0 R /K [11] >> endobj 210 0 obj << /Type /StructElem /S /Figure /P 107 0 R... Most states have increased required employee contribution rates in response to economic and market changes over the last fifteen years.[19]) /E (Public employees typically are required to contribute 5 to 10 percent of their...

Most states have increased required employee contribution rates in response to economic and market changes over the last fifteen years.[19]) /Alt () /Pg 14 0 R /K [2] >> endobj 216 0 obj <<... The average investment return assumption for FY2023 is 6.91 percent[22] and actual returns have met or exceeded this assumption for the 1-, 5-, 10-, 20-, and 30-year periods ending December 31, 2024.) /E (All... The average investment return assumption for FY2023 is 6.91 percent[22] and actual returns have met or exceeded this assumption for the 1-, 5-, 10-, 20-, and 30-year periods ending December 31, 2024.) /Alt ()... They have formal funding policies, and develop annual comprehensive financial reports, summary plan descriptions and actuarial valuations based on national standards. Evaluations of how assumptions have matched experience are typically performed every five years.[23]) /E (Essentially all major pension systems are focused on transparent reporting and disclosure. They have formal funding policies, and develop annual comprehensive financial reports, summary plan descriptions and actuarial valuations based on national standards.

Evaluations of how assumptions have matched experience are typically performed every five years.[23]) /Alt () /Pg 14 0 R /K [6] >> endobj 220 0 obj << /Type /StructElem /S /Figure /P 108 0... Census Bureau - 2022 Census of Individual Governments: Finance) /Alt () /Pg 15 0 R /K [6] >> endobj 226 0 obj << /Type /StructElem /S /P /P 361 0 R /E <4E41436F20537572766579206F6620436F756E7479204F6666696369616C73902045636F6E6F6D69632053656E74696D656E74732C2032303234> /Alt... Census Bureau - 2022 Census of Individual Governments: Finance) /Alt () /Pg 15 0 R /K [8] >> endobj 228 0 obj << /Type /StructElem /S /P /P 363 0 R /E (NACo Research,... Census Bureau - 2022 Census of Individual Governments: Finance) /Alt () /Pg 15 0 R /K [10] >> endobj 230 0 obj << /Type /StructElem /S /P /P 365 0 R /E (Bankrupt Cities,... Conference of Mayors: Dave Gatton, dgatton@usmayors.org, 202.957.6530) /Alt () /Pg 16 0 R /K [7] >> endobj 254 0 obj << /Type /StructElem /S /P /P 387 0 R /E (International City/County Management Association,... �Q#>�� �Qd�焘H`5�ԍ�l��ٌ1�D���zD��( ����W`�������}U��� ̞݅��p3=�_�����~���Dy�K^򒗼�%/mM�t]7X��riOt�A�UO�6{����]��`8�D#y�w.�޳_�M3�X��u�D�HoJz�_ `��3������ vm=gf�v�Ƣň k`�nghD1�ipR�U��i� z+�H��m���i���f�}�S��C�������Kkkkk���_X��[-Ȃ߾t����Լ4�_ �o�ޠ�}�F�\D'È��-��ٞ�=�iU�c���B��ߜ��Q�C�(LT�N+�8�r�i���,A�` �s5�q �[�x6��H��T G8X�W�L@�Y�L�*��)N�� u��\^`��t�6h��Y��>���lK�����}R���|˖��d�쒨�,}ǭ�]EUUU�WT��:t�Њ���̓ҁ������֫��S�u.**����%�&�ђYx:�A�e�M�%,�,�5lV�ޣ*G�QYY9rpKdC� p��w�ȶ��̠qA�Z����p�KO�x�����.��mЙ@�AX�ӯuն?SM���R���:�-g{�l_����ф�xB4d\ ��� |�7pkd[��j�=+�4���h��A��G���J�_��L�MX��D}��/�Ŧ\O'���2Ũ����OZ�ga��t������L���Y�!�(:����{K��Q���&k���E�������ʈ� �|� ��6f�\9Lv�O&\l�L7���`�I� D��&���]"ڝ4 �%h��G;U��5�}]���U�H�H�7l�:�T۠��A+{���Ri-� �˃�)>&�q�1F�2�ZUD� �B �dЃ*�.6��t��C9��U�Q�z�6 �U��F�������� LgMd��9��p��X��A�~���5��4Z���D5� -\4 = ��q2�r��B�W_g�9��\˓*[�4�xX�����/��x�2u6�J>�֣��D��8�5��Uvy�7>�u�_���1� �m�i��S;C�!��u��sϖ�����sRi7p�oIzV����� o������tg�-�⵼r�\��#%#�j��˴�"p�x>1��c���;O�����ku�����3�h_����]v���X������3�,�zd�� ���,9�1�M���D�g>�������hm����m��r�8i�%J�����Lx��/8�p:шU�m٠��� !����uJ���y �FG<�<� ���6���@�1�=m3����0R��'���F��Bh��=[��v�e;��w�w'��ٽ-���...

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Jump Ahead To The Original Text, Published In March 2025.

Jump ahead to the original text, published in March 2025. Government Shutdown Ends: The funding lapse that led to the longest government shutdown in U.S. history ended on November 12, 2025, after Congress approved, and the president signed, a bipartisan funding measure to reopen government operations, extending funding for most agencies through January 30, 2026. Government agencies that had been s...