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Keyword: budget

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  • California schools say budget cuts will delay reopening

    05/20/2020 8:37:44 PM PDT · by rintintin · 40 replies
    AP via Hanford Sentinel ^ | May 19 2020 | AP
    Six California school districts representing more than 900,000 students say the governor's proposed budget cuts will delay the reopening of schools. Officials with the Los Angeles Unified, which is the second largest school district in the country with 600,000 students, joined with five other urban districts in a Monday letter to legislators, saying they need more money to safely reopen schools and not less. The other districts are Sacramento, San Francisco, Oakland, San Diego and Long Beach. Democratic Gov. Gavin Newsom has proposed $14 billion in budget cuts because of the coronavirus, with more than half coming at the expense...
  • SF facing $1.7B budget deficit over next 2.5 years

    05/14/2020 3:43:14 AM PDT · by Oldeconomybuyer · 14 replies
    San Francisco is facing a $1.7 billion deficit over the next two and a half years without even considering emergency response spending on the coronavirus, the mayor's office announced Wednesday. The deficit is the result of the pandemic and the emergency response spending will likely increase the deficit beyond $1.7 billion. That amount could increase if residents continue to be exposed to the virus and a slow recovery from the pandemic begins after late 2020. Expected emergency spending on the coronavirus for the current fiscal year is about $375 million. Portions of the city's expenses will be paid for by...
  • Fed chief has no time to worry about U.S. debt during wartime

    05/13/2020 12:53:25 PM PDT · by Oldeconomybuyer · 18 replies
    Reuters ^ | May 13, 2020 | by Howard Schneider
    WASHINGTON - The U.S. government has a $3 trillion bulge of debt coming through the pipeline because of the coronavirus pandemic. It also has perhaps 30 million or more freshly unemployed Americans to support, tens of thousands of businesses on the ropes, and a possibly extended battle with a virulent disease to underwrite. Given the choice between leaving the economy without a lifeline and making that debt load even bigger, Federal Reserve Chair Jerome Powell on Wednesday sent a not-so-subtle message to U.S. elected officials: Spend whatever you need in this crisis. “There’s a degree of concern at the Fed...
  • Pelosi pushes for next coronavirus relief package as McConnell urges a "pause"

    05/12/2020 6:48:23 AM PDT · by Oldeconomybuyer · 32 replies
    CBS "News" ^ | May 12, 2020 | BY GRACE SEGERS
    Washington -- As the coronavirus pandemic leaves thousands of Americans dead and roils the economy, Democratic House Speaker Nancy Pelosi is urging Congress to move on the next phase of coronavirus relief legislation. In an interview with MSNBC on Monday evening, Pelosi said there is a "monumental" need for the next legislative package, with a focus on helping struggling Americans and cash-strapped states and localities. "We have a big need. It's monumental. And therefore, it's a great opportunity to say: let's work together to get this done. There's a way to open the economy based on science, testing, testing, testing...
  • Treasury Secretary Mnuchin Urges Governors to Reopen States to Prevent ‘Permanent’ Economic Damage

    05/10/2020 7:11:37 PM PDT · by RomanSoldier19 · 44 replies
    https://time.com/ ^ | MAY 10, 2020 4:46 PM EDT | BY KEVIN FREKING / AP
    Some of President Donald Trump’s top economic advisers emphasized on Sunday the importance of states getting more businesses and offices open even as the pandemic makes its way to the White House complex, forcing three members of the administration’s coronavirus task force into self-quarantine. The president and governors who will decide when to reopen their states are facing competing pressures. More economic activity and travel will likely lead to more people contracting COVID-19. But tight restrictions on which businesses can operate are causing millions of people to join the ranks of the unemployed. Decisions about how fast to reopen come...
  • Dallas Furloughs 500 Employees to Fight Coronavirus Budget Crunch

    05/09/2020 10:28:32 PM PDT · by fluorescence · 15 replies
    The Dallas Observer ^ | May 8, 2020 | Stephen Young
    About 500 Dallas employees have been furloughed as the city continues to fight its coronavirus budget crunch, Dallas Mayor Eric Johnson and City Manager TC Broadnax announced Friday. The furloughs have been handed out across 10 departments, according to a letter from Broadnax to city employees. "The city manager notified the City Council of his decision on the furloughs this morning. Although I knew such measures were likely, my heart continues to break at the news of more economic pain for people in our city," Johnson said in a statement Friday afternoon. "Further difficulties may still be ahead as we...
  • "Completely shortchanged": Cash-strapped cities left out of coronavirus aid push for relief

    05/08/2020 10:57:54 AM PDT · by Oldeconomybuyer · 27 replies
    CBS "News" ^ | May 8, 2020 | BY MELISSA QUINN
    Washington-- When Congress passed its $2 trillion economic relief package in response to the coronavirus epidemic battering the country, lawmakers provided relief to Americans, small businesses struggling under the economic pain of the crisis and state and local governments on the frontlines of combatting the virus. But mayors in small and medium-sized communities from coast to coast are sounding the alarm after they were left out of the package, despite facing the same cash crunch as their larger neighbors. Only localities with populations of 500,000 were eligible for direct aid under the law, known as the CARES Act. Those cities...
  • California Gov. Newsom lets more businesses reopen amid coronavirus, after revealing staggering budget deficit

    05/07/2020 11:12:47 PM PDT · by knighthawk · 35 replies
    Fox News ^ | May 07 2020 | Nick Givas
    California Gov. Gavin Newsom on Thursday began relaxing his stay-at-home order that was issued to limit the spread of the novel coronavirus, while also announcing that the state has a staggering $53.4 billion budget shortfall. The plan to reopen will only allow certain retail businesses and manufacturers' warehouses to start opening up again, according to The Associated Press. Other stores that will be allowed to reopen with curbside service -- if they meet government standards -- are bookstores, clothing stores, florists and sporting goods businesses.
  • Bill de Blasio is hopelessly out of his depth in NYC’s new fiscal crisis

    05/07/2020 11:18:33 PM PDT · by knighthawk · 22 replies
    NY Post ^ | May 07 2020 | Chaim Deutsch
    We are beginning to see a light at the end of the coronavirus tunnel. But there are hard times ahead for our nation, state and beloved New York City. The choices we make now will ­determine how quickly we ­recover. Vague and contradictory policies — the kind we’re all too accustomed to from this mayoralty — won’t help. Mayor Bill de Blasio reacted too late to the health side of the crisis, delaying lockdowns when a week or two earlier could have reduced deaths by as much as 80 percent, according to former city Health Commissioner Dr. Tom Frieden. As...
  • Massive revenue shortfall in new state forecasts (New Mexico)

    05/07/2020 8:19:12 PM PDT · by brownwill6767 · 31 replies
    Santa Fe New Mexican ^ | 5/6/20 | Jens Gould
    The last time state economists released revenue forecasts, New Mexico had a massive oil boom with no end in sight. Oh, how times have changed. Those same economists released dire revenue projections on Wednesday, suggesting New Mexico could take in between $1.7 billion and $2.4 billion less than originally expected during the next fiscal year as the novel coronavirus pandemic and plummeting oil prices take a major toll on tax revenue and royalty payments. “The outbreak of the novel coronavirus that causes COVID-19, along with the global responses to contain the spread of the virus, places significant strain on New...
  • Louisiana tax collections plummet nearly $500M (43%)

    05/07/2020 11:51:22 AM PDT · by abb · 26 replies
    The (Baton Rouge, LA) Advocate ^ | May 7, 2020 | Mark Ballard
    Louisiana’s tax and fee collections dropped $494 million – 42.7% – in April when compared to the same month last year. A Department of Revenue report circulated among state government leaders Wednesday night gives budget architects a first look at the actual receipts for the time that Louisiana stayed at home while businesses and institutions shut down to stem the community spread of the coronavirus. Louisiana net receipts report for April Louisiana net receipts report for April Gov. John Bel Edwards issued “stay at home” orders beginning March 16. Fiscal leaders warned that without shops open, customers hunkering down and...
  • California Just Revealed A $54.3 Billion Deficit — Signaling Deep Cuts Ahead

    05/07/2020 9:32:38 PM PDT · by fluorescence · 44 replies
    California finance officials just revealed a $54.3 billion deficit in the first economic assessment of the coronavirus pandemic's devastating blow to the fifth-largest economy in the world. That figure is higher than the deficit during the Great Recession and obliterates the state's once-healthy reserves. Without sugar-coating how hard the prolonged shutdown of businesses and job losses will hit the state, Gov. Gavin Newsom's administration released bleak projections on key statewide indicators: 18% unemployment rate for the year, 21% drop in new housing permits and nearly 9% decline in California personal income. All this signals a financial tsunami and cuts to...
  • Ohio U. Lays Off Gender, Race Studies Professors

    05/05/2020 2:26:27 PM PDT · by CheshireTheCat · 62 replies
    Breitbart ^ | May 5, 2020 | Tom Ciccotta
    Ohio University laid off three professors from the gender and race studies departments this week in response to financial burdens imposed by the Chinese virus pandemic. Ohio University also fired 140 unionized employees who worked in the university’s custodial, groundskeeping, and maintenance departments...The university has already been criticized for its decision to lay off faculty from the gender and race studies departments. Ohio University political science professor Kirstine Taylor wrote in a viral tweet that she was “heart-sick” over the university’s decision...
  • Ohio Gov. Mike DeWine announces $775m in state budget cuts to education, Medicaid and more

    05/06/2020 7:26:53 AM PDT · by abb · 19 replies
    Cleveland.com ^ | May 6, 2020 | Andrew J. Tobias
    COLUMBUS, Ohio -- Gov. Mike DeWine said Tuesday the state will cut nearly $800 million in spending — most affecting education and health care — to offset the loss of tax revenue stemming from the coronavirus crisis. The cuts include a $300 million reduction in K-12 public-school funding, $210 million from Medicaid spending and $110 million from college and university funding, DeWine said. DeWine said all state government agencies will see their budgets cut, adding up to $100 million, except for the state Department of Corrections, which operates state prisons. As recently as the end of February, the state was...
  • University of Akron to eliminate six of 11 colleges as part of cost-saving measures due to coronavirus pandemic

    05/05/2020 5:54:30 PM PDT · by CheshireTheCat · 27 replies
    Cleveland.com ^ | May 4, 2020 | Robin Goist
    AKRON, Ohio – University of Akron President Gary Miller said in a video message Monday that the university’s plan to offset $65 to $70 million in decreased revenue due to the coronavirus pandemic includes cutting six of its 11 colleges. Miller did not identify which five colleges would remain, but said newly appointed Executive Vice President and Provost John Wiencek would make that announcement in the “coming days.”...The university’s 11 colleges and schools include the Buchtel College of Arts and Sciences, the College of Applied Science and Technology, the College of Business Administration, the College of Engineering, the College of...
  • Penn State cuts budgets, announces furloughs amid financial losses

    04/27/2020 4:42:37 PM PDT · by abb · 26 replies
    Pittsbugh Post-Gazette ^ | April 27, 2020 | Bill Schackner
    Citing “hundreds of millions of dollars” in losses, Penn State University will cut program budgets, furlough 2,000 employees at half pay, and president Eric Barron will return 10% of his monthly salary amid what he called “unprecedented” times. Further furloughs and layoffs are possibilities in the new fiscal year, he said, as Penn State faces $160 million in lost tuition revenue from likely enrollment declines, on top of more than $100 million in room and board refunds and other costs since March associated with the COVID-19 pandemic. Neither Mr. Barron’s video remarks nor a university statement specified the number of...
  • Financial doomsday: State, local governments face layoffs, service cuts, projects derailed

    04/22/2020 5:11:29 AM PDT · by abb · 43 replies
    NBC "News" ^ | April 22, 2020 | Allan Smith
    Across the country, state and local governments are clamoring for the federal government to rescue them from what could quickly become a fiscal catastrophe, saying that they may need in the ballpark of three-quarters of a trillion dollars as the coronavirus pandemic dries up many of their revenue sources. Though Democrats sought to include roughly $150 billion in funding to state and local governments in the latest coronavirus aid package, set to pass this week, it did not make it into the final bill. Already, Congress approved $150 billion in funding for state and local governments as part of earlier...
  • NPR Executives Take Pay Cuts to Offset Funding Shortfall Due to Coronavirus

    04/21/2020 2:38:40 AM PDT · by abb · 10 replies
    The Wrap ^ | April 20, 2020 | Ross Lincoln
    As part of ongoing efforts to avoid layoffs because of budget shortfalls caused by the coronavirus pandemic shutdown, National Public Radio is cutting executive pay, the New York Times reported Monday. NYT reported that NPR CEO John Lansing will take a 25% pay reduction, while other NPR executives will see cuts ranging from 10% to 15%. In an email sent to employees on Friday, Lansing wrote that the cuts became necessary because the nonprofit will see donations from major corporate sponsors drop by as much as $12 million to $15 million as a result of the coronavirus shutdown. “We do...
  • Coronavirus pandemic expected to inflict deep cuts to Houston’s upcoming budget

    04/21/2020 2:11:51 AM PDT · by abb · 13 replies
    KPRC - TV2 Houston, TX ^ | April 20, 2020 | Keith Garvin
    HOUSTON – Houston Mayor Sylvester Turner says the budget for Fiscal Year 2021, which begins in June, will be worse than the 2016 budget when the city saw its first deficit in its history. The reason: The severe economic impact from the coronavirus. Turner said the casualties will include five full classes of police cadets -- among others. “Employees will be furloughed,” Turner said in a daily press briefing. “Payments, for example, even to the Houston Zoo, will be deferred.” KPRC 2 spoke to Houston Police Chief Art Acevedo about the expected cancellation of next fiscal year’s cadet classes and...
  • Virus’ impact on state government could be worse than Great Recession

    04/19/2020 10:45:16 AM PDT · by abb · 41 replies
    The Atlanta Journal-Constitution ^ | April 19, 2020 | James Salzer
    The Great Recession forced state governments across the country to lay off or furlough millions of workers and cut services to everything from schools to parks, but some warn the coronavirus pandemic could cause even more economic pain. Predictions are that states could combine to face up to a $500 billion shortfall over the next few years without more federal aid as unemployment remains high and businesses shutter or struggle to regain their footing. In Georgia, collections from income and sales taxes — which provide most of the revenue that pays for the salaries of 200,000 teachers, university staffers and...