States need to reform budget practices - 13abc.com Toledo (OH) News, Weather and Sports

States need to reform budget practices

Posted: Updated:

U.S. state governments face persistent financial challenges even as the improving economy has boosted tax revenue, a study says, highlighting the need for most states to reform their budgeting practices.
    
State budgets are being squeezed by rising pension and health care costs, federal spending cuts and overdue repairs and improvements to roads and bridges, the report says.
    
The study is the final report by the State Budget Crisis Task Force, a non-profit formed three years ago and co-chaired by former Federal Reserve Chairman Paul Volcker and former New York Lieutenant Governor Richard Ravitch.
    
The study recommends several steps: State governments should adopt more transparent budgeting practices; implement multiyear financial plans; beef up their oversight of local government budgets; and rebuild their reserve or "rainy day" funds.

  • Top StoriesMore>>

  • Video purports to show beheading of US journalist

    Video purports to show beheading of US journalist

    Tuesday, September 2 2014 1:46 PM EDT2014-09-02 17:46:44 GMT
    An Internet video purports to show the beheading of U.S. journalist Steven Sotloff by the Islamic State group. Sotloff, who freelanced for Time and Foreign Policy magazines, had last been seen in Syrian in August 2013 until he appeared in a video released online last month by the Islamic State group that showed the beheading of fellow American journalist James Foley.
    An Internet video purports to show the beheading of U.S. journalist Steven Sotloff by the Islamic State group. Sotloff, who freelanced for Time and Foreign Policy magazines, had last been seen in Syrian in August 2013 until he appeared in a video released online last month by the Islamic State group that showed the beheading of fellow American journalist James Foley.
  • Cedar Point announces Mantis is out October 19th

    Cedar Point announces Mantis is out October 19th

    Tuesday, September 2 2014 12:19 PM EDT2014-09-02 16:19:41 GMT
    Cedar Point has announced that the Mantis Roller Coaster is shutting down.
    Cedar Point has announced that the Mantis Roller Coaster is shutting down.
  • Major construction project could tie up traffic

    Major construction project could tie up traffic

    Monday, September 1 2014 6:20 PM EDT2014-09-01 22:20:52 GMT
     A major construction project is about to start along State Route 420 in Wood County and that could mean delays for drivers, but ODOT hopes it will eventually clear up congestion.
     A major construction project is about to start along State Route 420 in Wood County and that could mean delays for drivers, but ODOT hopes it will eventually clear up congestion.

Area Events Calendar

See It, Shoot It, Send It!