by James E. Spiotto* Over the last eight years, over 45 states and numerous local governments have instituted some form of pension reform which many times included increasing contributions and reducing benefits. Over the last four years, there have been over 18 state...
New & Noteworthy
Congress’s Role in Saving Puerto Rico from Financial Meltdown and Imminent Bankruptcy
by James Spiotto On December 1, 2015, the United States Senate Committee on the Judiciary held a hearing on whether and how best to assist Puerto Rico and its related municipalities and public corporations now facing severe financial challenges and economic distress....
Economic Indicators Erratic and Uneven Growth among U.S. States
by guest contributor Bradford Langs Now in its seventh year, the U.S. economic recovery (which began in July 2009) has been deemed modest at best. Both gross domestic product (GDP) and job growth remain erratic and uneven overall - particularly among states. Regarding...
Reducing Risk to Payment of State and Local Government Debt Obligations, Statutory Liens from Rhode Island to California SB222
by James Spiotto Government finance officers readily will admit that they consider assuring access to the capital markets at a low cost as part of their duties to their respective governmental bodies. The interest rates or the cost of borrowing is viewed generally as...
Is Obamacare Fraying Our Healthcare Safety Net
by guest contributor Shelley Michelson “A nation's greatness is measured by how it treats its weakest members.” Mahatma Gandhi The Patient Protection and Affordable Care Act (“PPACA,” “ACA” a/k/a Obamacare) is providing a unique set of challenges for the nation's...
Chapter 9 and Alternatives – Part Three: Competing Interests in Chapter 9 and Bondholders’ Rights
by James Spiotto Chapter 9 is generally viewed as the remedy of last resort for troubled municipalities. If permitted by its state law, a municipality typically does not seek Chapter 9 relief unless it is in extreme financial distress with no obvious solution. Among...
Chapter 9 and Alternatives – Part Two: State Programs to Assist Municipalities in Times of Fiscal Crisis
by James Spiotto As discussed below, over half of states have implemented municipal debt supervision or restructuring mechanisms to aid municipalities. These programs, many of which are identified in the table below and which are described in detail in Municipalities...
Chapter 9 and Alternatives – Part One: Lessons Learned: An Update on the Municipal Bankruptcy Experience
by James Spiotto The state legislatures, in considering how best to assist local governments facing financial challenges or economic distress, may find instructive how other states have addressed these problems and the alternatives and opportunities available in the...
Are Public Libraries Still Relevant in American Communities?
by Mardee Handler Founded in 1833, the Peterborough Town Library in Peterborough, New Hampshire is the oldest tax-revenue supported library in the nation. If you visit its website, you’ll be greeted by an offer to follow the library on Facebook, attend a workshop to...
Economic Indicators 2014 Year-End Data Reveals Uneven Recovery
The U.S. economic recovery is now almost six years old (June 2009 was the final month of the recession). This recovery has been deemed weak, with both GDP and job growth remaining both erratic and uneven. Unemployment levels have declined to a sub 6% level from a 10%...