Slow, then slower: municipal bond issuer audit delays hit 12-year high

The median audit time for all municipal bond sectors rose nearly 10.5% from 2011 to 2022, according to a new report from the University of Illinois-Chicago and Merritt Research Services. The report also found a direct correlation between audit timeliness and credit rating for all governmental bond sectors and a majority of revenue bond sectors.

Watch what the municipal bond industry’s innovators and influencers are saying in our Leaders series of video interviews. Check out our lineup of future live interviews and archived conversations.

Municipal analysts have been tracking the challenges faced by home insurers in states subject to extreme weather events as a harbinger of risk. One of those states is California, where Gov. Gavin Newsom said, "We need to stabilize this market. We need to send the right signals, and we need to move."

Nominations are open for the next class of Bond Buyer Rising Stars and the third class of Muni Hall of Famers.

A Senate Finance Committee hearing led by Ron Wyden, D-Oregon, contemplated ways to smooth funding for rural hospitals as the number in the red has spiked in recent years.Rural hospitals and clinics across the U.S., including in Oregon, have been particularly hard hit by the challenges facing healthcare over the past several years. “Too many hospitals, doctors, pharmacies and other providers in rural areas are operating on a knife edge, forced to choose between balancing the books and continuing to provide high-quality care to their communities,” Wyden said.?

Learn more about the trends impacting the industry in The Bond Buyer’s annual review of municipal bond market statistics.

Municipals were steady to slightly weaker in spots ahead of a $12 billion-plus calendar. There are nearly 30 new-issues over $100 million on tap across the credit spectrum, led by the week's largest negotiated deal from Harris County, Texas, with $950 million of toll road first lien revenue and refunding bonds. The competitive calendar ticks up with several high-grade names.

Read the newest research from The Bond Buyer detailing the public finance industry’s views of the risks and opportunities in 2024.

States are casting around for solutions to a drop in gas tax revenues, which may include higher vehicle registration fees and the politically sensitive expansion of toll roads.?

Sign up here to receive The Bond Buyer's complete newsletter — delivered to your inbox daily.