Finance

A New Look at Where Gentrification Is Happening

Cities in California dominated a gentrification ranking, but several smaller metropolitan areas also appeared.

Groups Call For More Accountability in State, Local Government Aid

A coalition of conservative groups has asked that if Congress approves more coronavirus aid funding, to require state and local governments to disclose how the money is spent.

Families of Prisoners Sue Over High Cost of Phone Calls

The lawsuit alleges three private companies that provide telecom services in prisons lied to state and local governments about the cost of doing business.

Don’t Bet on a Quick Recovery

COMMENTARY | The president of the Federal Reserve Bank of San Francisco discusses the pandemic, the diversity crisis in economics, and monetary policy.

The Second Great Depression

COMMENTARY | At least four major factors are terrifying economists and weighing on the recovery.

Four States Have Borrowed Money to Pay Unemployment Benefits

Thirty-six states borrowed from the federal government after the Great Recession, which over time led some to restrict unemployment benefits.

Pandemic Aid: What Can We Learn From the 2009 Stimulus?

COMMENTARY | As state and local leaders wait to see if they will get more federal aid to deal with their growing revenue shortfalls, fiscal stability will be more attainable by paying heed to experts who helped the country out of the Great Recession.

States Contemplate Borrowing to Help Manage Pandemic’s Fiscal Impact

COMMENTARY | Short-term financing, Federal Reserve program may buy time, but budgets will need adjusting.

Small Businesses Failed by Federal Bailout Program Turn to Cash-Strapped Local Governments for Help

Thousands of small businesses, especially those owned by people of color, have been left behind by the stipulations of the Paycheck Protection Program. In Texas, local governments are lending millions of dollars and it’s not enough.

Hundreds of New York City Staffers Write to Mayor Demanding Police Reform and Budget Cuts

New York City municipal employees condemned Mayor Bill de Blasio’s response to recent protests and demanded changes to the city’s police department.

Virus Casts Uncertainty Over City Budget and Economic Development in a Health Care Hub

Like other localities, the coronavirus has Rochester, Minnesota facing questions about both its financial outlook and future economic growth.

Fed Again Expands State and Municipal Lending Program

The latest move will ensure that at least two local governments in each state have access to the program, which is designed to help states and localities weather the coronavirus crisis.

College Students Want Their Money Back. It’ll Be Tough to Get It.

There are at least 100 closure-related suits filed against colleges and universities in federal and state courts.

Smaller Cities Left Waiting on Coronavirus Aid Money

“The challenge for 97% of America's cities is that we haven't received any funding yet,” says one mayor.

White House Open to Loosening Rules for State and Local Aid Funds, Mnuchin Says

The Treasury Secretary also clashed with Sen. Sherrod Brown over how well-prepared the nation is currently to limit coronavirus risks as the economy begins to reopen.

Colorado Groups Push for Tax Hike on Higher Earners to Help With Budget Shortfall

The temporary income tax increase they’re supporting would apply to households making upwards of $250,000 per year. The state, like others, is facing budget pressures tied to the coronavirus outbreak.

Scratch-Off Lottery Sales Soar

The sales are a rare bright spot for state budgets.

Virus Downturn Will Further Strain Troubled Public Pension Funds

New research warns that the nation’s worst-off retirement plans for state and local government workers “face the risk of running out of assets in the foreseeable future" if there's a slow recovery.

‘Double Whammy’: Oil Crash Adds to Virus Budget Woes in Some States

Alaska is dealing with some especially tough financial issues. In Louisiana, one lawmaker says: "It's just kind of the perfect storm with the coronavirus and the collapse of oil and gas."

House Democrats’ Coronavirus Aid Plan Would Distribute County, City Funding by Population

Democrats want to include funding for local governments in their latest proposal, but are expected to meet resistance from Republican lawmakers.