Houston's new finance director plans to tackle structural budget gap

Tackling Houston's structural budget gap is at the top of Melissa Dubowski's to-do list as the city's finance director. The nearly 10-year veteran of Houston government, who served as a deputy director overseeing debt and cash flow forecasts since 2019, was tapped for the top post by Mayor John Whitmire after he took office in January. "There's not one silver bullet out there," she told The Bond Buyer. "It's going to have to be a combination of expenditure reductions, identifying new revenue sources, identifying efficiencies of how we can best utilize the funding we do have."

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Nearly half of America's private colleges and universities reported negative operating margins in fiscal year 2023, and the situation was even worse in the Midwest, according to preliminary data compiled by Merritt Research Services.

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Bellevue, Nebraska, plans to issue $60 million of municipal bonds to build a 100,000-square-foot indoor water park as a draw for visitors and their money. "Bellevue is looking to expand the entertainment and recreation options for our residents [and] attract tourism from roughly 180 to 250 miles away, while generating revenue to fund further development of our parks and reduce the burden on property taxpayers," said Harrison Johnson, the city's director of economic and community development.

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Beleaguered Kaweah Health Care District in central California had its rating outlook revised to stable from negative by Moody's Investors Service, which cited significant traction by management on its financial turnaround plans. Moody's also affirmed the health care district's revenue bonds at below investment grade Ba1, affecting $220 million of debt.

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Melissa Messina, a veteran public finance lawyer, has rejoined Miles & Stockbridge as a principal in its Baltimore, Maryland, office. She will focus on senior living and life-plan communities. Messina previously worked as a financial advisor and investment banker at HJ Sims, counseling nonprofit life plan communities, assisted living and skilled nursing facilities. She advised management and boards of senior communities on capital and strategic planning matters.

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