Public Money Pod

We discuss the monumental recent shifts in police budgeting. Beth Goldberg from the City of Kirkland, WA explains how five communities in greater Seattle, against the backdrop of Defund the Police, collaborated to fund and launch a community crisis response service. Emily from Columbus asks: "Are Taylor Swift ticket flippers the same as municipal bond flippers?"

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?"

We continue our examination of how "work from home" is reshaping local public finance, including what municipal bond investors are thinking today, and how downtowns might look in a remote future. Berke Attila from the City of Baltimore lays out the challenges of making telework work for local government, and explains how cutting edge thinking about capital budgeting, asset management and information technology systems can help to seize on telework's many opportunities. Alex from Chicago asks: Why don't more states and localities offer free public transit?

We recap what Election 2022 means for state and local public finance. Bill Glasgall from the Volcker Alliance joins us to discuss how a divided Congress will shape the IRA, how states are making fiscal policy at the ballot box, and some local fiscal trouble looming ahead, among many other topics. Sarah from Hinsdale asks: "How about sin taxes on ammo?"

We look ahead on local property taxes, including what might happen in a world of stagnant house prices, high inflation, and political pressure on local budgets. Professor Chris Berry from the University of Chicago shares the key insights from his path-breaking research on equity in property tax assessment, and shares a sneak peak of his most recent and encouraging findings. Scott from Chicago asks: "What is California's Proposition 13, and is it unique to California?"

We discuss the public finance of climate adaptation, with focus on flood insurance, catastrophe funds, and the complicated role of tax-exempt bond income. Rudy Salo of Nixon Peabody offers his bond lawyer take on building back better after natural disasters, the politics of climate risk disclosure, and a future of "sexy infrastructure." Nancy from Asheville, NC asks: "Why are fiscal year starts and ends so different across states, localities, and the federal government?"

We go to school on what makes public school finance unique, with a focus on state shared revenues, horizontal equity, and teacher pay. Harpreet Hora from Atlanta Public Schools explains how Covid, inflation, federal money, a tight labor market, equity concerns, a focus on outcomes, and other factors are shaping APS' current and future budgets. Extra Credit: Shelly from Minneapolis asks, "What are lease revenue bonds, and how are they different from other types of bonds?"

We discuss the good, the bad, and the uncertain with transit agency finances. Dwight Burns from the Dallas Area Rapid Transit (DART) shares his optimism on DART's financial future, economic development in the Metroplex, and the Texas Longhorns. Johanna from Louisville, KY asks: "How are US Territory finances different from states and localities?"

We discuss new data on emerging trends in work from home, and what those trends mean for state and local revenues, budget-making, and fiscal policy. Catherine Tuck Parrish from Raftelis explains that today's most successful local financial leaders are good on spreadsheets, but great on compassion, empathy, and collaboration. Extra Credit: Beth from South Carolina asks, "Why do some local governments have income taxes, but most others don't?"

We discuss the shifting landscape for state and local retirement benefits, and what that new landscape means for budgets, employee satisfaction, and the future of the state and local workforce. Keith Brainard from the National Association of State Retirement Administrators explains how state and local public pensions are responding to inflation, rising interest rates, market gyrations, and economic uncertainty. Julius from Oak Park asks: "What are land banks, and what do they mean for state and local budgets?"