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California Gov. Gavin Newsom said “no” to revenue anticipation notes and a tax increase, but “yes” to climate and mental health bond proposals in the May budget revisions he presented Friday. Newsom stressed emphatically that the state has no plans to issue revenue anticipation notes despite expectations that $49 billion in anticipated revenues won’t come

Illinois trimmed its revenue estimates for the current fiscal year and must absorb higher social services expenses next year, leaving less room to maneuver as lawmakers finalize a supplemental spending package and new budget. They’re entering the homestretch of their spring session that’s slated to end May 19 with passage of a fiscal 2024 budget

Municipals were weaker in spots to end the week, while U.S. Treasuries and equities saw losses on continued concerns over the debt limit impasse and questions over the Federal Reserve’s next policy moves. Municipals mostly stayed in their own lane throughout the week but UST weakness Friday seeped into the secondary Friday, moving yields higher

Massachusetts Gov. Maura Healey’s tax relief package is one step closer to passage despite slumping revenue figures. On Tuesday, the state Senate Ways and Means Committee unanimously passed a $55.8 billion budget for fiscal ’24, forwarding along to the Democratic-controlled chamber a $575 million tax cut plan that preserves many of the proposals the governor

The Puerto Rico Oversight Board will not be forced to turn over documents that may have provided a clearer picture of finances pertinent to the Puerto Rico Electric Power Authority bankruptcy. The U.S. Supreme Court reversed an appeals court decision, rejecting journalist group Centro de Periodismo Investigativo’s (CPI) request for Puerto Rico Oversight Board papers.

UBS will pay $850,000 to a Texas public school district in a settlement over the bank’s inability to underwrite bonds under a state law prohibiting government contracts with companies that “boycott” the fossil fuel industry, the state attorney general announced Friday. The settlement involves a $18.6 million Normangee Independent School District competitive bond sale the

Municipals remained little changed as fund outflows receded, the last of large deals of the week priced and Silicon Valley Bank muni holdings lists began circulating the Street for liquidation. U.S. Treasuries were firmer out long and equities ended mixed. Triple-A yields were little changed while UST yields fell on economic data. Lists of the

Veteran financial advisory professional Jill Jaworski will take the helm of Chicago finances as chief financial officer and Cook County budget director Annette Guzman will become city budget director in Mayor-elect Brandon Johnson’s administration. Johnson made the announcements Thursday, four days before he is sworn into office, along with appointments for several other top roles

A major sticking point in the Puerto Rico Electric Power Authority bankruptcy is the discrepancy over the size of bondholders’ claim, with the Oversight Board and bond parties $6.5 billion apart. The board, in a filing Tuesday, placed the value at 24% of principal and pre-petition interest due at time of the bankruptcy petition in

Municipals were largely unchanged as the market digested another larger primary slate while U.S. Treasuries rallied after the release of economic data showed inflation has eased. Equities ended mixed. The Dormitory Authority of the State of New York priced and repriced its $1 billion-plus school revenue bond deal for institutions with yields falling on the