Empty offices in Southwest may drag on property tax revenue

The onset of the COVID-19 pandemic and shutdowns in 2020 to combat the virus' spread emptied offices nationwide and Southwest cities are not immune to the lingering effects, which could impact their property tax collections. The return to offices around the U.S. has been gradual as many employees embraced a lifestyle free from commuting. Full days worked from home in June 2023 accounted for 28% of paid workdays, which was four times the estimated share in 2019, according to a Stanford University Institute of Economic Policy Research report.

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The municipal bond market is taking a wait-and-see approach about the departure of Mitch Landrieu, who has been operating under the unofficial title of "infrastructure czar," as he prepares for a new role on President Biden's campaign staff.??

Read the newest research from The Bond Buyer on how environmental, social and governance factors fit into the municipal bond landscape.?

The Governmental Accounting Standards Board has issued new guidance requiring governments to disclose information related to their own vulnerability, asking governments to disclose certain heightened risks related to concentrations and constraints in government revenue sources and defines those terms to help them do that. "I'm hoping that this is the model that will be used for other types of risk disclosures that I think are becoming increasingly important,” said Lisa Washburn of Municipal Market Advisors.

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The simmering debate over the definition of "obligation" that's key for cities and states managing $350 billion of pandemic funds has boiled over again after Treasury released a revised definition that Republicans slam as "mind-bending" and "confounding," and that even has issuer groups concerned about confusion and the need to backtrack to re-do previous reporting.

Registration is open for The Bond Buyer Texas Public Finance conference in Austin in April.

The outlook on Phoenix-based Grand Canyon University's junk bond rating was revised on Monday to negative from stable by Moody's Investors Service amid the school's ongoing clash with federal regulators.?

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As Kroll Bond Rating Agency enters its 14th year in the business, it is targeting increased market share, an expansion into new sectors and the expectation for continued growth in 2024. A robust track record, a team approach, and relying on cross-team verticals to provide a qualitative overlay and outside-the-box analysis led the fourth major rating agency to add more than 25 newly rated credits to its repertoire in 2023, KBRA officials said in a recent interview with The Bond Buyer.

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