State budgets

At least 39 states did not have enough money to pay all of their bills at the end of 2019, leaving them ill-prepared to shoulder the costs of the novel coronavirus pandemic, according to a new report.

The economic stimulus plan released by Senate Republicans offers no new money for states and cities to cope with swelling budget shortfalls, leaving them to contend with a grave financial crisis that’s already forcing them to slash spending, furlough workers and delay projects as tax revenue disappears.

As state finances across America are upended by the coronavirus, almost all of them face the same, self-imposed, problem: how to balance their budgets.

The good intentions behind balanced budget requirements in states and cities have been circumvented by the shoddy accounting practices used in the budget process.

More than 75 percent of CPAs in New Jersey say the Garden State’s recently enacted budget would have a negative impact on the economy, according to a new survey by the New Jersey Society of CPAs.

New Jersey Governor Phil Murphy enacted a $37.4 billion spending plan that will fund his progressive agenda by raising taxes on large corporations and individuals making more than $5 million.

Illinois residents could enjoy lower taxes if their squabbling leaders tackle the debt-riddled state’s biggest problem — its massively underfunded pension system. But that’s a big if.

Governor Phil Murphy’s progressive agenda, outlined in his first New Jersey budget, depends on approval of $1.5 billion in new riches from Democratic lawmakers reluctant to increase residents’ financial burden in one of the highest-taxed U.S. states.

New Jersey Governor Phil Murphy proposed taxing online-room booking, ride-sharing, marijuana, e-cigarettes and internet transactions along with raising taxes on millionaires and retail sales to fund a record $37.4 billion budget that would boost spending on schools, pensions and mass transit.