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Keyword: shortfall

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  • Transportation officials suspend work on several Oklahoma highway projects

    05/02/2017 7:15:40 PM PDT · by Tolerance Sucks Rocks · 8 replies
    The Oklahoman ^ | May 2, 2017 | Randy Ellis
    Citing state budgeting uncertainties, Oklahoma transportation officials announced Monday that they have suspended construction on about a dozen highway projects, including the next phase of the I-240/I-35 interchange project in south Oklahoma City. "That's going to give us a black eye," Oklahoma Transportation Commission Chairman J. David Burrage said, describing the situation as "bad." Burrage made his remark after another commissioner noted that many contractors already have bought materials for projects that are being suspended. Companies that suffer financial losses because of work suspensions likely will file claims with the agency, officials said. The dozen or so suspended contracts may...
  • Proposed budget cuts could interrupt Oklahoma's highway projects

    05/01/2017 11:56:18 PM PDT · by Tolerance Sucks Rocks · 2 replies
    The Oklahoman ^ | April 29, 2017 | Randy Ellis
    State transportation officials may be forced to suspend construction on some partially completed highway projects if the Legislature follows through with a proposal to cut its off-the-top funding from income tax revenues to $320 million, says Mike Patterson, executive director of the Oklahoma Department of Transportation. The transportation department was scheduled to receive $571 million in off-the-top funding from income tax revenues next fiscal year, but a joint legislative committee passed a revenue measure Thursday evening that calls for reducing that amount to $320 million. Patterson said such a drastic cut would force his department to suspend several construction projects...
  • State Should Add Interstate Tolls

    04/26/2017 7:18:45 AM PDT · by Tolerance Sucks Rocks · 30 replies
    Urban Milwaukee ^ | April 24, 2017 | Robert W. Poole, Jr.
    Wisconsin’s highways are seriously underfunded. According to the Wisconsin Department of Transportation’s Transportation Fund Solvency report, spending only the $28 billion projected to be available over the next decade will lead to double the number of highway miles in “poor” condition — and will preclude even planning any highway expansions for nearly 40 years. Borrowing enough to spend $31 billion would slightly reduce the amount of “poor” highway miles but still would preclude planning any highway expansions until 2040. But a second WisDOT report offers a way out. Extensive research done last year for the DOT by the consulting firm...
  • Montana budget picture starts shaping up amid cash shortfall

    02/23/2017 1:46:58 PM PST · by davikkm
    HELENA, Mont. (AP) - A budget analysis shows the work that the Montana Legislature has done so far this session would leave the state in the black financially but with about half the cash reserves that Gov. Steve Bullock wants. The preliminary analysis released Wednesday shows budget subcommittees cutting $46 million more in general fund spending than the governor’s budget proposal. The state would have $159 million in reserves in 2019, compared with the $300 million cushion Bullock is seeking.
  • Brownback Asks Trump To Save Some Kansas Highway Projects

    02/19/2017 11:10:43 PM PST · by Tolerance Sucks Rocks · 27 replies
    KCUR 89.3 ^ | January 26, 2017 | Jim McLean & Sam Zeff
    Kansas Republican Gov. Sam Brownback is hoping the federal government can rescue several critical infrastructure projects that the state can no longer afford.The Brownback administration recently sent what amounts to a wish list to President Donald Trump for inclusion in his planned infrastructure initiative. It includes the following $240 million in highway and bridge projects delayed or abandoned because of the state’s ongoing budget problems: $50 million to replace a section of the Lewis and Clark Viaduct that carries Interstate 70 across the Kansas River between Kansas and Missouri.$91 million to build an I-235 interchange in Wichita.$45 million to reconstruct...
  • IL Tollway announces $951M infrastructure program for 2017

    11/04/2016 6:43:53 AM PDT · by Tolerance Sucks Rocks · 12 replies
    Construction DIVE ^ | October 31, 2016 | Kim Slowey
    Dive Brief: The Illinois Tollway announced Thursday that it had set a preliminary budget for 2017 that includes $951 million for Move Illinois projects, as well as $336 million for a maintenance and operation program, according to Equipment World.Major Move Illinois capital initiatives planned for next year include the Illinois Route 390 Tollway ($374.5 million), SmartRoad upgrades to I-90 ($163.5 million), reconstruction of I-294 ($56.5 million) and expansion and maintenance of the I-PASS system. The remaining funds will go toward development, repair and maintenance.Move Illinois is a 15-year, $12-billion capital project program financed by bonds and tolls. The Illinois Tollway,...
  • SCDOT Still Pimping Interstate 73

    10/06/2016 11:13:57 AM PDT · by Tolerance Sucks Rocks · 13 replies
    FITSNEWS ^ | July 21, 2016 | FITS
    AGENCY LOBBYING HARD FOR MULTI-BILLION DOLLAR BOONDOGGLE South Carolina’s corrupt transportation “leaders” still desperately want to foist Interstate 73 on dirt poor Palmetto State taxpayers … even as government’s embarrassing inability to do basic maintenance continues to be on display all over the state.How desperate are our powerful “roads czars” to get this Interstate built? Let’s recap …First, they’ve spent more than $100 million on an interchange for the highway (even though it’s not clear if it will ever be built).Next they’ve proposed spending millions more on wetlands mitigation related to the road (again, even though it’s not clear if...
  • Transportation funding expected to fall $6B short in Pennsylvania

    02/08/2016 12:54:21 AM PST · by Tolerance Sucks Rocks · 14 replies
    The Pittsburgh Tribune-Review ^ | February 1, 2016 | Melissa Daniels
    Pennsylvania will be about $6 billion short of being able to fund all the projects legislators promised their constituents during passage of Act 89, the transportation funding bill of 2013. Secretary Leslie Richards will break the news to the Senate Transportation Committee when she testifies Tuesday, according to a copy of her testimony obtained by the Tribune-Review. Pennsylvania's 12-year transportation plan covers about 2,800 projects at a cost of about $34 billion. But that exceeds the $28 billion in revenue projected to come in for that time frame. “The Corbett administration over promised projects by at least $6 billion compared...
  • North Dakota governor orders cuts amid $1B budget shortfall

    02/01/2016 1:26:58 PM PST · by Olog-hai · 13 replies
    Associated Press ^ | Feb 1, 2016 3:48 PM EST | James MacPherson
    North Dakota Gov. Jack Dalrymple on Monday ordered deep cuts to government agencies and a massive raid on state savings to make up for a more than $1 billion budget shortfall due to depressed crude prices and a drop in oil drilling. The state had more than $2 billion in various reserve accounts just one year ago, but oil prices - a key contributor to the state's wealth - have taken a nosedive in the past year. The Legislature's record-high $14.4 billion budget for the two years that began July 1 was built on oil prices and economic assumptions that...
  • Pension Shocker: Plans Face $2 Trillion Shortfall, Moody's Says

    07/18/2015 6:25:47 PM PDT · by SeekAndFind · 28 replies
    Zero Hedge ^ | 07/18/2015 | Tyler Durden
    Last month, in "Cities, States Shun Moody's For Blowing The Whistle On Pension Liabilities," we highlighted a rift between Moody’s and some local governments over the return assumptions for public pension plans. To recap, when it comes to underfunded pension liabilities, one major concern is that in a world characterized by ZIRP and NIRP, it’s not entirely clear that public pension funds are using realistic investment return assumptions. The lower the return assumption, the larger the unfunded liability. After 2008, Moody’s stopped relying on the investment return assumptions of cities and states opting instead to use its own models....
  • Revenues Fall Short, Leaving 2015 Budget In Deficit (Connecticut)

    05/01/2015 11:19:25 AM PDT · by BillyBonebrake · 11 replies
    Ct News Junkie ^ | April 30, 2015 | Christine Stuart
    Nonpartisan legislative analysts and Gov. Dannel P. Malloy’s budget office agreed Thursday that revenue dropped $67 million below expectations between January and April, adding to this year’s budget deficit. The increase in tax revenue anticipated following the April 15 deadline wasn’t realized, according to budget analysts. In fact, personal income tax collections fell $65.5 million short of projections. Office of Policy and Management Secretary Ben Barnes had forecasted 25 percent growth in personal income tax receipts.
  • Burke thought raiding transportation fund made ‘good sense’ before $680M shortfall (WI)

    10/24/2014 11:09:25 AM PDT · by afraidfortherepublic · 2 replies
    The Wisconsin Reporter ^ | 10-24-14 | Adam Tobias
    MADISON, Wis. — Democratic gubernatorial candidate Mary Burke once gushed over former Gov. Jim Doyle raiding almost $1.4 billion from the segregated transportation fund to balance several state budgets, claiming the series of moves made good business sense. But after admitting last week those actions contributed to a projected $680 million shortfall in the transportation fund, Burke is trying to pretend she never fully supported those transfers. “When we collect revenue, particularly from the gas tax for a certain purpose, I think it’s reasonable to say that it stays there,” Burke told Milwaukee Journal Sentinel reporters and the newspaper’s editorial...
  • Maryland cuts revenue expectations by $405 million

    10/01/2014 3:10:16 PM PDT · by Timber Rattler · 18 replies
    The Baltimore Sun ^ | September 25, 2014 | Michael Dresser
    Maryland is now facing a $405 million revenue shortfall over this year and next, largely the result of sluggish job growth, stagnant incomes and a weak housing market, state officials reported Wednesday. Five years after the official end of the recession, Maryland continues to confront fiscal trouble. This latest shortfall will force Gov. Martin O'Malley's administration and the General Assembly to make deeper cuts than previously expected to balance the state's roughly $40 billion budget. "Another year has passed, and ordinary families and small businesses haven't even recovered to where they were before the financial collapse, much less made up...
  • Beshear plugs $90.9m shortfall in state budget using a mix of state agency & unspent general funds

    07/17/2014 6:33:47 PM PDT · by Republican Wildcat · 4 replies
    cn|2 Pure Politics ^ | 7/16/2014 | Nick Storm
    Gov. Steve Beshear announced Wednesday he had again re-balanced the state’s budget using millions in state agency funds, unspent General Funds and cash from the Budget Reserve Trust Fund to plug a nearly $91 million budget shortfall. In his 14th re-balance of the budget, Beshear said he was focused on making the government “as efficient and as lean as possible.” “And to protect as best we can the core services that offer help and hope to our people and represent important long-term investments in Kentucky’s future: education, health care and public safety,” Beshear said in a statement. To re-balance the...
  • Ratings Service Moody’s Finds Pension Shortfall

    06/29/2013 4:28:57 AM PDT · by SeekAndFind · 6 replies
    New York Times ^ | 06/27/2013 | MARY WILLIAMS WALSH
    Moody’s Investors Service, dissatisfied with the way states measure what they owe their retirees, released its own numbers on Thursday, showing that the 50 states have, in aggregate, just 48 cents for every dollar in pensions they have promised. That is much less than the 74 cents on the dollar that the states now report, suggesting the states are short by about $980 billion, with many local governments, like school districts, being on the hook for additional billions that they have not disclosed at all. The disparity suggests that politically difficult steps taken recently by many states to fix their...
  • New Jersey gets diesel waiver to avoid shortfall after Sandy ('til Nov. 13- Ultra Low Sulfur Diesel)

    10/31/2012 1:35:50 PM PDT · by NormsRevenge · 22 replies
    Yahoo! News ^ | 10/31/12 | Reuters
    NEW YORK (Reuters) - The Environmental Protection Agency on Wednesday granted New Jersey a temporary waiver on Ultra Low Sulfur Diesel (ULSD) requirements to help counter a shortfall in fuel supplies in parts of the state following Hurricane Sandy. The waiver allows for the sale of diesel fuel that exceeds standards of 15 parts per million of sulfur under limited conditions effective immediately, according to a letter from EPA administrator Lisa Jackson to Governor Chris Christie. The waiver -- which the letter said aimed to "minimize or prevent disruption of the supply of diesel in New Jersey" -- extends for...
  • GHEI: The true pension burden (Maryland)

    08/02/2012 4:43:41 AM PDT · by Tolerance Sucks Rocks · 10 replies
    The Washington Times ^ | August 1, 2012 | Nita Ghei
    The Maryland state retirement and pension system is in bad shape. The deluxe benefits package has $37 billion in assets, but even that amount isn’t enough to meet the promises made to government bureaucrats. In the last fiscal year, this prodigious sum was invested in a way that yielded a negligible 0.36 percent return. That would be bad enough, but State Treasurer Nancy Kopp, chairman of the pension-system trustees, insists on pretending the fund is earning 7.75 percent for the purposes of calculating future value. This accounting gimmick masks the dire situation of the program’s finances. Retirement funds are generally...
  • Emanuel to send out layoff notices today

    07/15/2011 10:41:12 AM PDT · by Red Badger · 19 replies
    www.chicagotribune.com ^ | 15 July 2011 | By Kristen Mack
    Mayor Rahm Emanuel said he will send layoff notices to up to 625 city employees today as he tries to close a $30 million budget hole. Custodians, call center operators at the city's water department and seasonal workers at the Department of Transportation will be among those affected. Emanuel said he will close an entire $30 million budget hole left by the expiration of a deal with City Hall labor unions for unpaid days off. The mayor previously had turned up the pressure on unions for concessions or cost-cutting ideas at a series of news conferences. "It has been two...
  • CA Teacher Pension Fund Shortfall Grows To $56 Billion

    03/31/2011 10:35:36 AM PDT · by BenLurkin · 15 replies
    AP) ^ | March 31, 2011 9:45 AM
    The drop reported Thursday is enough to trigger an automatic increase in the amount the state must pay into the nation’s second largest public pension fund. Payments from California’s general fund will increase by 20 percent in the coming fiscal year, to $688 million.
  • Social Security Statements; hard evidence of Financial Fraud

    08/06/2010 3:13:58 PM PDT · by publius321 · 4 replies
    http://www.tableofwisdom.com/ ^ | August 6, 2010 | MrArbitrage
    "...There were no disclaimers saying this is subject to change and nowhere did it indicate that “past performance is not indicative of future results” as these pillars of rectitude require of all private sector companies to slap on their literature. Madoff put out those similar fraudulent performance statements, although his at least had the standard market risk disclosures; so..." continued