California Governor Jerry Brown has received praise for proposing a balanced state budget for the fiscal year starting July 1. The last time California proposed a balanced budget was in 2007, when Arnold Schwarzenegger was governor.
Illinois lawmakers missed another chance to restructure the worst-funded state retirement system in the nation, officially ending their 2012 session yesterday without acting on measures to shore up pensions.
New York state relies on gimmicks and nonrecurring revenue to pay for rising pension costs and the most-generous Medicaid benefits in the U.S., said a group led by former Federal Reserve Chairman Paul Volcker and former Lieutenant Governor Richard Ravitch.
New Jersey’s pension contribution may consume almost one-fifth of its annual budget by 2018 under a law enacted by Republican Governor Chris Christie, according to a group led by former Federal Reserve Chairman Paul Volcker and Richard Ravitch, the former New York lieutenant governor.
Wall Street bankers perceive New York’s $9 billion budget deficit as an opportunity to propose financing deals that may worsen the state’s long-term fiscal condition, Lieutenant Governor Richard Ravitch said.
New York , approaching its borrowing limit, needs new revenue sources to maintain its transportation system and back debt for projects such as replacing the Tappan Zee Bridge , Lieutenant Governor Richard Ravitch said.
Illinois’s pensions, the worst funded in the U.S., are “destined for insolvency” unless the state overcomes its politicized budget process, according to a report from a group headed by Paul Volcker and Richard Ravitch.