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State Budgeting, the COVID-19 Recession, and What Comes Next
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.
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
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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.
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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