State and Local Fiscal Conditions Improving, But Not Everywhere

Fiscal challenges remain, but state and local officials have been replenishing rainy day funds and addressing structural imbalances.

ARTICLE | Mar 29, 2017

While state and local government revenues have been slowly improving, progress has been uneven. 

ICMA and the national organizations representing the nation’s governors, state legislatures, and state and local officials have released “State and Local Fiscal Facts 2017.”  This quick reference provides the latest data on state and local finances, municipal bonds, and pensions, including:

  • City conditions are strengthening, driven by better-than-anticipated revenue growth and solid performance of ending balances.
  • Forty-four percent of counties reported they had reduced or eliminated a program or service because of budget constraints or unfunded mandates.
  • Thirty-two states spent less in FY 2016 in real dollar terms than their pre-recession peak in 2008.
  • From 1970 to 2015, there were 98 rated municipal bond defaults, of which only seven were rated city or county governments.
  • The funded level of public pensions in 2015 was 74 percent.

To learn more about the state of state and local finances, municipal bonds, and state and local pensions, download a copy of "State and Local Fiscal Facts 2017."

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