New York State's fiscal 2024 executive budget hits $227 billion

New York Gov. Kathy Hochul unveiled her $227 billion executive budget proposal for fiscal 2024 this week. Deposits to reserves that had been planned for fiscal 2024 and 2025 will be completed by the end of the current fiscal year — two years ahead of schedule — for a total of $24 billion set aside for a rainy day, according to the Hochul administration. “The governor's budget wisely accelerates and adds deposits to the state's reserves and provides welcome support for migrant-related costs," said Citizens Budget Commission President Andrew Rein.

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The triple-A Texas program that guarantees public school bonds is quickly using up its already limited capacity, ending December with only a projected $26.65 million available. Amid a slew of school debt approved by voters last year, the Permanent School Fund's projected available capacity has shrunk from $3.97 billion at the end of August. Carolyn Perez, a spokeswoman for the program, said Friday it is still operating.? "Currently, there are no plans to close it down," she said.

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After municipal bond issuance disappointed in 2022, nearly two-thirds of market participants in a Bond Buyer live market survey said they expect 2023 issuance to remain around last year's levels. "If you look at the predictions for this year, I've seen anywhere from $350 billion to $500 billion," Rick Kolman, managing director and head of Municipal Securities Group at Academy Securities, said on the survey panel at The Bond Buyer National Outlook conference Thursday. “There is a huge range.”

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Municipals were hit hard across the curve Friday, with the most damage felt on the short end. Triple-A benchmarks outperformed a U.S. Treasury rout on the heels of a hotter-than-expected jobs report. Triple-A benchmarks were cut six to 15 basis points at the one-year, with smaller cuts across the curve.?

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The series of rain storms that pummeled California through January caused major damage, but initially appear to have limited credit impact, according to S&P Global Ratings analysts. “From our initial review, it appears that no issuers suffered damage to a degree that resulted in weakening of overall credit quality," S&P analysts wrote in the Jan. 30 report.?

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The developers of the American Dream mall in East Rutherford, New Jersey, have missed another scheduled debt service payment on the bonds issued to bankroll its construction.

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