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American Rescue Plan and 2022 State and Local Budgets
With states wrapping up FY 2021 and enacting FY 2022 budgets, the unique challenge of allocating the $350 billion in direct aid contained in the $1.9 trillion American Rescue Plan Act was being across the US. The expert panel discusses the impact on state budgets of the act’s assistance to individuals and families, educational institutions, and health care and mass-transportation systems.
This special briefing features a panel of experts, including Shelby Kerns executive director, National Association of State Budget Officers; Hughey Newsome, chief financial officer, Wayne County Michigan; Kim Norton, mayor of Rochester, Minnesota; Mark Zandi, chief economist, Moddy’s Analytics.
Notable Quotes:
“The economy should be back to full employment, or something pretty close to that, by late 2022 or early 23,” Mark Zandi.
“Beating those catastrophic revenue projections that we were all talking about a year ago doesn’t necessarily mean that states are back to where they thought they would be,” Shelby Kerns.
“One thing we’re looking at as we go forward is, what’re some of the things we are putting this money into? Is it an investment that provides a recurring reduction and an operational expenditure, or recurring increase in our general revenue?” Hughey Newsome.
“Our estimation, in the city of Rochester, we are going to see the greatest hit this coming year in the 2022 budget that we’re working on right now.... And so, we are frontloading our ARPA funds to fill that gap in the first two years,” Kim Norton.
Be sure to subscribe to Special Briefing to stay up to date on the world of public finance.
Learn more about the Volcker Alliance at: volckeralliance.org
Learn more about Penn IUR at: penniur.upenn.edu
Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn
Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.
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By Volcker Alliance & Penn IUR
5
33 ratings
With states wrapping up FY 2021 and enacting FY 2022 budgets, the unique challenge of allocating the $350 billion in direct aid contained in the $1.9 trillion American Rescue Plan Act was being across the US. The expert panel discusses the impact on state budgets of the act’s assistance to individuals and families, educational institutions, and health care and mass-transportation systems.
This special briefing features a panel of experts, including Shelby Kerns executive director, National Association of State Budget Officers; Hughey Newsome, chief financial officer, Wayne County Michigan; Kim Norton, mayor of Rochester, Minnesota; Mark Zandi, chief economist, Moddy’s Analytics.
Notable Quotes:
“The economy should be back to full employment, or something pretty close to that, by late 2022 or early 23,” Mark Zandi.
“Beating those catastrophic revenue projections that we were all talking about a year ago doesn’t necessarily mean that states are back to where they thought they would be,” Shelby Kerns.
“One thing we’re looking at as we go forward is, what’re some of the things we are putting this money into? Is it an investment that provides a recurring reduction and an operational expenditure, or recurring increase in our general revenue?” Hughey Newsome.
“Our estimation, in the city of Rochester, we are going to see the greatest hit this coming year in the 2022 budget that we’re working on right now.... And so, we are frontloading our ARPA funds to fill that gap in the first two years,” Kim Norton.
Be sure to subscribe to Special Briefing to stay up to date on the world of public finance.
Learn more about the Volcker Alliance at: volckeralliance.org
Learn more about Penn IUR at: penniur.upenn.edu
Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn
Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.
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