Public Finance

STATE AND LOCAL BUDGETING IN THE COVID ERA Report Series

The State and Local Budgeting in the COVID Era issue paper series identifies risks and opportunities that may impede or contribute to states and local recovery from the financial impacts of COVID-19.

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Special Briefing Webinar Series

The Impact of COVID-19 on the Fiscal Outlook for State and Local Governments

Brought to you by the Volcker Alliance and the University of Pennsylvania Institute for Urban Research, Special Briefing examines the fiscal conditions of cities, counties, and states since the arrival of COVID-19 and how they’re impacted by the federal government's actions.

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The Richard Ravitch Public Finance Initiative

The central goals of the Richard Ravitch Public Finance Initiative are twofold: (1) encourage implementation of effective federal strategies and actions to promote sustainable fiscal practices at all levels of government; and (2) train and educate Congressional and Executive Branch leaders about the imperative of heightened oversight of state and local budgets and finances. The initiative will play a key role in catalyzing federal action to improve state and local budget practices that present looming risks to the federal system and economy.

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Truth and Integrity in Government Finance Initiative

The foundation of the Volcker Alliance’s Public Finance work, the Truth and Integrity in Government Finance initiative helps improve budget transparency and fiscal sustainability in states and localities by identifying procedures that need improvement and providing concrete examples of best practices.

The initiative focuses on five critical areas that explain methods used to achieve budgetary balance, as well as how budgets and other financial information are disclosed to the public.

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The Volcker Alliance's Truth and Integrity in Government Finance initiative focuses on five critical areas that explain methods used to achieve budgetary balance, as well as how budgets and other financial information are disclosed to the public.

Budget Forecasting

How and whether states estimate revenues and expenditures for the coming fiscal year and the long term

Budget Manuevers

How much states depend on one-time actions to achieve budgetary balance, often at the expense of long-term fiscal sustainability

Legacy Costs

How well states are funding promises made to public employees to cover retirement costs, including pensions and retiree health care

Reserve Funds

Both the health of general fund reserves and rainy day funds and whether governments have clear rules governing their use, replenishment, and relationship to historic revenue volatility

Transparency

How completely states are disclosing budget information, including debts, tax expenditures, and the estimated cost of deferred infrastructure maintenance

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The Volcker Alliance’s latest comprehensive assessment of the budget practices of the fifty US states

Critical to this work has been the cooperation of eight universities, each with a strong interest in public finance and public service education. Research was conducted by professors and graduate students at City University of New York; Florida International University; Georgia State University; University of California, Berkeley; University of Kentucky; the Chicago and Springfield campuses of University of Illinois; and University of Utah.

Truth and Integrity in State Budgeting: Preparing for the Storm

In the report released in March 2021 covering all fifty states during fiscal 2015 through 2019, states were given grades of A to D-minus for their procedures in five important categories: Budget Forecasting, Budget Maneuvers, Legacy Costs, Reserve Funds, and Transparency.

In addition to assigning grades, the Volcker Alliance proposes a set of best budgeting practices for policymakers to follow.

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