- by James Spiotto With the end of the flurry of Congressional activity over impeachment, followed by a general yearning for the end to partisan conflicts, we now look to this year and what issues can be addressed before the national election. There remain lingering...
fiscal distress
PUERTO RICO’S REPUDIATION OF GENERAL OBLIGATION BONDS
PUERTO RICO’S REPUDIATION OF GENERAL OBLIGATION BONDS: A REAL RISK OR JUST KABUKI THEATER By James E. Spiotto On January 14, 2019, the Financial Oversight and Management Board, acting through its Special Claims Committee and the Official Committee of Unsecured...
Risk Perception of State and Local Government Debt May Stress Taxes and Leverage Without a Certainty of Payment – Use of Statutory Liens, Special Revenues and Other Means of Assurance
By James E. Spiotto Fiscal distress of or perception of risk of nonpayment by government begets higher cost of borrowing and even loss of access to the market The perception of fiscal distress leads to higher interest rates (cost of borrowing) in the global markets:...
Paying for Yesterday’s Public Services with Tomorrow’s Funds – Risking City Fiscal Stress
Are Fixed Costs Squeezing Out State and Local Governments' Ability to Deliver Public Services? In the back of every analyst’s mind, whenever they assess public pension risk and the potential for fiscal stress, is the question of whether or not the annual cost to pay...
Overcoming Economic Downturns and Fiscal Distress Part VI: Oversight and Assistance in Illinois
In Part VI of ‘Overcoming Economic Downturns and Fiscal Distress’, James Spiotto Shows What Oversight & Assistance Illinois Provides for Financially Distressed Municipalities, and What Present Legislative Proposals May Offer Part V of this series focused on the...
Overcoming Economic Downturns and Fiscal Distress Part V: Business Development and Balanced Budgets
In Part V of ‘Overcoming Economic Downturns and Fiscal Distress’, James Spiotto Discusses the Benefits of Economic Stimulus and Business Development, and a Case Study in Upside Chicago Part IV of this series focused on addressing legacy costs, most notably...
Overcoming Economic Downturns and Fiscal Distress Part IV: The Need to Successfully Address Public Pensions
In Part IV of ‘Overcoming Economic Downturns and Fiscal Distress’, James Spiotto Discusses the Need to Successfully Address Legacy Costs, So That Funding of Essential Services and Needed Infrastructure Improvement Become the Solution Part III of this series focused on...
Overcoming Economic Downturns and Fiscal Distress Part III: Solving Financial Distress with Economic Development
In Part III of ‘Overcoming Economic Downturns and Fiscal Distress’, James Spiotto Discusses How We Can Solve Financial Distress with Economic Development and Stimulus from Needed Infrastructure Improvements MuniNet Guide's series on Overcoming Economic Downturns and...
Fiscal Contagion: When Distressed Municipalities Put States and Local Clusters at Risk
by Richard A. Ciccarone When a municipal government suffers severe fiscal problems, be it a city, county, school district, utility district, or any other special purpose government, those problems have a tendency to impact or be shared by other governments. Bond...
Fiscal Distress Myths and Realities Part X: Need for Continuing Disclosure During Financial Distress
Part X of James Spiotto’s Fiscal Distress Myths and Realities focuses on the need for timely and complete continuing disclosure on material events during financial distress of state and local government Myth: It is Best That the State or Local Government in Default...