We explore how natural disasters are disrupting state and local finance, including the "known knowns" and the "known unknowns." Colin Foard from the Pew Charitable Trusts shares key takeaways from a new report - "Wildfires: Burning through State Budgets" - on how states can adapt their budgeting processes and techniques to better prepare for wildfires and other natural disasters. Theodore asks: "Do ratings agencies consider climate risk when evaluating the creditworthiness for state and local governments?"