"In 2009, state and local governments brought in nearly $2.1 trillion, a 22.1 percent ($587.5 billion) decrease from 2008, according to statistics from the U.S. Census Bureau. Most tax revenue categories saw declines except property tax, which saw a 3.7 percent increase to $424.0 billion.
These findings come from the 2009 Annual Surveys of State and Local Government Finances, which include statistics on revenues (including taxes), expenditures, debt and assets (cash and security holdings) for state and local governments.
Revenue from the federal government increased 12.3 percent from $478.0 billion to $536.8 billion between 2008 and 2009..."
Showing posts with label state_government. Show all posts
Showing posts with label state_government. Show all posts
Tuesday, November 1, 2011
Thursday, May 5, 2011
The Underfunding of State and Local Pension Plan
From: Economic and Budget Issue Brief, May 2011.
"The recent financial crisis and economic recession have left many states and localities with extraordinary budgetary difficulties for the next few years, but structural shortfalls in their pension plans pose a problem that is likely to endure for much longer. This issue brief discusses alternative approaches to assessing the size of those shortfalls and the implications of those approaches for funding decisions:
By any measure, nearly all state and local pension plans are underfunded, which means that the value of the plans’ assets is less than their accrued pension liabilities for current workers and retirees.
There are two leading approaches for valuing assets and liabilities, and the reported amount of underfunding varies significantly depending on which one is used.
Decisions about how to address the underfunding can be informed by the choice between those two
measurement approaches, but there is no necessary connection between the information provided by the two approaches and decisions about how much a plan’s sponsor should contribute each year.."
From: Economic and Budget Issue Brief, May 2011.
"The recent financial crisis and economic recession have left many states and localities with extraordinary budgetary difficulties for the next few years, but structural shortfalls in their pension plans pose a problem that is likely to endure for much longer. This issue brief discusses alternative approaches to assessing the size of those shortfalls and the implications of those approaches for funding decisions:
By any measure, nearly all state and local pension plans are underfunded, which means that the value of the plans’ assets is less than their accrued pension liabilities for current workers and retirees.
There are two leading approaches for valuing assets and liabilities, and the reported amount of underfunding varies significantly depending on which one is used.
Decisions about how to address the underfunding can be informed by the choice between those two
measurement approaches, but there is no necessary connection between the information provided by the two approaches and decisions about how much a plan’s sponsor should contribute each year.."
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