Three days after President Biden signed the Infrastructure and Investment Jobs Act, panelists discuss the role of climate change in state and local finance budgeting, as well as the role the federal government may play under the bill and other measures proposed by the Biden Administration.

This special briefing features a panel of experts, including Tim Coffin, director of sustainability, Breckinridge Capital Advisors in Boston; Hughey Newsome, chief financial officer for Wayne County, Michigan; Emily Robare, vice president and credit research analyst, PIMCO Municipals; and Nora Wittstruck, director-ESG Lead for US Public Finance, S&P Global.

Notable Quotes:

“For example, when oil was trending at negative dollars per barrel during the onset of the pandemic, we moved ratings for Alaska and Wyoming, because of their reliance on severance taxes that fund their budgets from the oil and gas sector,” Nora Wittstruck.

“Our built environment, our communities, our cities, were built for a different time period where we weren’t dealing with temperature increasing the way that it is,” Emily Robare.

“The county did receive $340M of ARPA money, and we just reported to the County Commision and made public our intent to bring forth specific initiatives to fund the sustainability office. If those efforts are approved by our Commission, we will be able to launch a dedicated sustainability office,” Hughey Newsome.

“Climate can magnify the existing credit issues, particularly for distressed communities, and can really become what we would recognize as a competing fiscal demand,” Tim Coffin.

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Learn more about the Volcker Alliance at: volckeralliance.org

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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.

As finer details of the forthcoming infrastructure package are forming in congressional negotiations, panelists contemplate the unmet needs of US states and municipalities and how this federal funding could be strategically utilized to address these needs in a comprehensive manner.

This special briefing features a panel of experts, including Carolyn Coleman, executive director and CEO of the League of California Cities; Andrew F. Haughwout, senior vice president and policy leader for Household and Regional in the Federal Reserve Bank of New York’s Research and Statistics Group; Annie Linskey, White House reporter for the Washington Post; and Torsten Slok, chief economist for Apollo Global Group.

Notable Quotes:

“What we are still waiting for is more growth in services, more normalization in services. We are approaching more normal levels, but we are not back to the level of consumption of services we were at before the pandemic,” Torsten Slok.

“One of the conclusions that I draw from all of this is that it’s going to be difficult to figure out exactly what the impact of this particular plan is going to be, because so much of it is about reducing ris.,” Andrew Haughwout.

“In terms of managing for potential fiscal cliffs, I think it’s very good news that the ARPA dollars will be invested over time. They arrive in our communities in two tranches, and cities have until 2026 to expend those funds,” Carolyn Coleman.

“What has changed this week is the President has begun to say, ‘OK, I’ve done a lot of listening, and this is probably going to be in the bill, and this is what’s not going to be in the bill,’” Annie Linskey.

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Learn more about the Volcker Alliance at: volckeralliance.org

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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.

As deliberations on an Infrastructure Package continue in Washington DC, the expert panel focuses on America’s needs for investment in clean water and wider access to broadband Internet service in states, cities, and counties.

This special briefing features a panel of experts, including Mayor Ras J. Baraka of Newark, New Jersey; Kathryn de Wit, project director of Broadband Access Initiative; Thomas Hazlett, Macaulay Endowed Chair in Economics at Clemson University; and Howard Neukrug, executive director of The Water Center at Penn.

Notable Quotes:

“We are also using this money for flood mitigation, rehab our water and waste pump stations, upgrade fire hydrants, to deal with resiliency. Hurricane Ida hit us very hard in New Jersey, and we had serious flooding in and around Newark and the North Jersey area.” Mayor Ras Baraka.

“What we ultimately found was that state programs were really successful by focusing on the ‘why?’ of broadband, and then on implementing inclusive and community-based approaches,” Kathryn de Wit.

“Since the 1996 Telecommunications Act, in current dollars about $225B have gone out. These funds are awarded annually, and in recent years they have reached levels of about $10B,” Thomas Hazlett.

“The new goal of the industry is to become greenhouse gas neutral facilities, and that is a remarkable change from just ten years ago,” Howard Neukrug.

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Learn more about the Volcker Alliance at: volckeralliance.org

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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.

Municipal officials and analysts have their sights set on social equity and climate resilience as Congress debates more than a trillion dollars of infrastructure spending proposed by the Biden administration, panelists focus on how state and local governments will use existing American Rescue Plan Act funding to address broadband and water and sewer needs. Additionally, panelists weigh in on the outlook for investment by counties and cities and risks posed by climate change to states, counties, and cities in the $4 trillion municipal bond market.

This special briefing features a panel of experts, including Governor Brad Little, Idaho; US Representative Carolyn Bourdeaux (D-Georgia); Laura Curran, Executive, Nassau County New York; Thomas G. Doe, president, Municipal Market Analytics.

Notable Quotes:

"I look at all infrastructure through the climate lens," Municipal Market Analytics (MMA) President Thomas G. Doe said "It's looking not just at existing projects and their risk, but also what the future probable risks are for any new efforts that are being done, and, especially, not just on durability but also on equity as well."

"As you know this is not a sexy topic," but it is critical, Representative Bourdeaux said. "It's kind of like your abs when you work out: It is your core."

Governor Little said Idaho was being cautious in its use of relief money. "We're not certain, and I don't think anybody is, about when this is going to normalize," he said. "We want to make sure we know what normal is … and what to do when the federal government ceases to inject money into the economy."

"When you have stable communities, safe communities, and more environmentally resilient communities, that's good for the economy, ergo it’s good for our credit rating," Nassau County Executive Laura Curran said, noting the county's efforts to rectify chronic credit issues.

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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.

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.

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Learn more about the Volcker Alliance at: volckeralliance.org

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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.

With the Biden Administration’s newly proposed American Jobs Plan being debated and refined in Congress, the panelists review the Plan’s priorities and what they estimate as likely to emerge as Congress debates the massive proposal. Additionally, the panelists discuss the concept of fifteen-year financing strategy on states, counties, cities, schools, and employment.

This special briefing features a panel of experts, including Representative Earl Blumenauer (D-Oregon); Marc Morial, president and CEO, National Urban League; Robert Poole, director of transportation policy and Searle Freedom Trust Transportation Fellow, Reason Foundation; Richard A. Ravitch, former New York State Lieutenant Governor; and Polly Trottenberg, US Deputy Transportation Secretary.

Notable Quotes:

“The Biden administration is currently double-tracking, working on the big ideas of the America’s Jobs Plan, but also really trying to engage in a bi-partisan way with committee leadership on Capitol Hill on a surface reauthorization,” Polly Trottenberg.

“This is the fine point I think we all need to embrace, and that is this is a twenty-first century plan, for twenty-first century problems,” Marc Morial.

“There’s a lot of good things in the President’s plan, but I think three key elements are missing, and they all three fit together. User fees, long-term financing, and private capital,” Robert Poole.

“It’s no secret to a number of you on this call that I have been deeply, deeply troubled by our continued underinvestment in infrastructure, and how we’ve reduced our investment since the 60s,” Earl Blumenauer.

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Learn more about the Volcker Alliance at: volckeralliance.org

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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.

In reviewing the newly released Volcker Alliance report, Truth and Integrity in State Budgeting: Preparing for the Storm, panelists discuss fiscal reforms that many states put in place before the 2020 recession as well as the role of trillions of dollars in federal aid in restarting the economy and stabilizing state budgets.

This special briefing features a panel of experts, including Erica MacKellar, program principal, National Conference of State Legislatures; Gabriel Petek, legislative analyst, State of California; Juliette Tennert, chief economist, Kem C. Gardner Policy Institute; and Lisa Washburn, managing director, Municipal Market Analytics.

Notable Quotes:

“Those states that upheld and strengthened their fiscal stability practices were better equipped to manage the acute fiscal stress, especially in those initial stages of the pandemic, when it really seemed like the economy was in free-fall,” Juliette Tennert.

“Over forty states reported that they expect to meet or exceed their revenue projections for the current fiscal year,” said Erica MacKellar on FY2021.

“Even since the Governor has released his budget proposal in January, revenues have remained very strong, exceeding even the Governor’s estimates from January, and so through February the state tax collections are already $14.3B higher than what the January forecast estimated,” Gabriel Petek.

“State reserve, rainy day funds plus general fund balances, grew to an all-time high of about $122B by the end of FY19,” Lisa Washurn.

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Learn more about the Volcker Alliance at: volckeralliance.org

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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.

With the beginning of COVID-19 vaccine availability to the general population change is on the horizon for state and local economies, with panelists discussing the Biden Administration’s COVID-19 vaccination plan and the impact on office work and state and local tax revenues and operations.

This special briefing features a panel of experts, including Greg Brown, executive director, Kenan Institute of Private Enterprise, UNC Kenan-Flagler Business School; Matthew Chase, executive director, National Association of Counties; Toluse Olorunnipa, White House reporter, Washington Post; Torsten Slok, chief economist, Apollo Global Management.

Notable Quotes:

“America’s Counties own over 900 hospitals, particularly for indigent care or for uninsured, we have over 800 nursing homes, and we run jails where we see about ten million inmates a year. I bring that up because all of those facilities are key COVID hotspots, so we are trying to keep our staff and residents safe,” Matthew Chase.

“We came to the conclusion that this notion of herd immunity was a necessary condition for many of them, it may not be sufficient for all businesses or many individual employees, but it’s at least a concept that let us frame a timeline for when things might normalize,” Greg Brown.

“There was some talk about having bipartisanship, about bringing Republicans along for the negotiation process, but I think at this point, that has not borne very much fruit, and Biden is determined not to repeat what happened in 2009,” Toluse Olorunnipa.

“Just in the last few weeks we have seen a very significant improvement in the number of new cases of COVID, certainly much better than what I had expected,” Torsten Slok.

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Learn more about the Volcker Alliance at: volckeralliance.org

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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.

After the passage of the second federal COVID-19 relief funding in late 2020, public finance experts discuss the outlook for further federal stimulus and state and local revenues and budgets as the rollout of new vaccines brings hope for an easing of the COVID-19 pandemic.

This special briefing features a panel of experts, including Shelby Kerns, executive director, National Association of State Budget Officers; Eric Kim, senior director and head of US State Ratings, Fitch Ratings; Vikram Rai, managing director and head of the Municipal Strategy Group, Citigroup; Mark Zandi, chief economist, Moody’s Analytics.

Notable Quotes:

“After the Great Recession, even as revenues began to grow again in 2011, it took until FY 2013 for state general fund revenues to surpass the 2008 levels without adjusting for inflation. States did not see a return to 2008 levels until 2018, in inflation adjusted terms” - Shelby Kerns

“Fitch’s credit outlook for state and local governments this year is stable relative to a very challenging 2020. Last year we downgraded four states ratings, Alaska, Hawaii, Illinois, and New Jersey, and we’ve got six ratings right now on a negative outlook, Alaska, Illinois, Kentucky, Nevada, New Jersey, and New York” - Eric Kim

“With respect to the economy, we’re off to a tough start. 2021 is starting much like 2020, the economy is struggling, and it not surprisingly goes back to the pandemic.” - Mark Zandi

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Learn more about the Volcker Alliance at: volckeralliance.org

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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.

As Congress debates the details of the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA), panelists reflect on the lessons states and localities have learned from the spending of CARES Act funding and look ahead to what may be in store in the fight against COVID-19 and its fiscal fallout in 2021.

This special briefing features a panel of experts, including US Representative Carolyn Bourdeaux (D-GA); Julie Demuth, budget manager, Pierce County, Washington; Mark Funkhouser, former mayor, Kansas City, Missouri, and president, Funkhouser & Associates; Fitzroy Lee, chief economist and deputy chief financial officer, District of Columbia; Brandon McComas, research associate, Peter G. Peterson Foundation; Richard A. Ravitch, former NY State Lieutenant Governor.

Notable Quotes:

“On the fundamental question of aid to cities and states, I would respectfully suggest that the compromise that has no ideological objection should be this: the revenue loss suffered by each city or state should be the amount of Federal money that is received in the subsequent 12-month period.” - Dick Ravitch

“Politics has become, in many ways, more about culture and identity, than the actual needs of the people on the ground.” - Representative Carolyn Bourdeaux

“So far, about 80-90% of that $2.3 Trillion has already been disbursed, meaning the Federal Government has sent the money out.” - Brandon McComas

“We also expected in our forecast that the unemployment rate would come in at almost 18%, and it came in at just under 12%.” - Fitzroy Lee

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Learn more about the Volcker Alliance at: volckeralliance.org

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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.