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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines : Maine
Gov. LePage signs state budget
Gov. Paul LePage today signed a revised state budget bill that eliminates health care coverage for more than 20,000 people, cuts prescription drug coverage for senior citizens and reduces funding for Head Start.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines : Maine
Budget, bonds on agenda as lawmakers return today
Lawmakers will take up spending cuts to balance an $83 million shortfall in the state Department of Health and Human Services' budget. Much of the budget balancing would come through cuts in MaineCare, the state's Medicaid program.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Budget timeframe: Biennial
Fiscal Year begins: July 1
Gov. Paul LePage
1 State House Station
Augusta, ME 04333
Phone: (207) 287-3531
Fax: (207) 287-1034
Governor's Website
Dawna J. Lopatosky, State Budget Officer
Department of Administration & Financial Services
Bureau of the Budget
58 State House Station
Augusta, ME 04333-0058
Phone (207) 624-7810
www.state.me.us/budget
2012 Legislative Calendar: Regular Session convenes January 4, adjourns April 18.
Legislative Budget Leaders:
Rep. Patrick S. A. Flood (R), Co-Chair, Joint Committee on Appropriations and Financial Affairs, RepPatrick.Flood@legislature.maine.gov (207) 287-4469
Sen. Richard W. Rosen (R), Co-Chair, Joint Committee on Appropriations and Financial Affairs, rrosen113@aol.com (207) 469-3779
Sen. Jonathan T. E. Courtney (R), Co-Chair, Joint Committee on Taxation, joncourtney@metrocast.net (207) 324-5467
Sen. L. Gary Knight (R), Co-Chair, Joint Committee on Taxation, RepGary.Knight@legislature.maine.gov (207) 287-4469
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities.
Maine is required to pass a "balanced budget." Title 5, Chapter 149, Section 1664 of the State law requires the governor must present a general budget summary that shows the "balanced relations between the total proposed expenditures and the total anticipated revenues." Maine law forbids the carrying over of a deficit from one year to the next.
There are four major individual governmental funds that include: the General Fund, Highway Fund, Federal Fund, and Other Special Revenue Fund. The State's budget is prepared primarily on a cash basis. All four major governmental funds are budgeted. However, none of the non-major governmental funds are budgeted.
In 2003, the Maine governor created a budget balancing tool to allow citizens to become more familiar with budget process and even submit their own budget proposals. Maine has brought about more accountability to the budget process, resulting in more transparency. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Pensions :
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HEADLINES
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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HEADLINES
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
- View All Maine articles
K-12 Education :
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SOLUTIONS: Maine
Maine's School Budget Validation Process Saves Tax Dollars
Under current law, most school budgets are first approved by those who are able to attend a district-wide public meeting. That approval is then "validated" by voters through a referendum vote. In this way, those who are unable to attend the district meeting, such as those serving in our armed forces overseas, have an opportunity to make their voices heard.
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HEADLINES: Maine
LePage: Budget decisions difficult but crucial for state's future
Gov. LePage said his proposals to lower overall tax rates and to conform to federal tax provisions that will bolster investment by companies are crucial to improving the business climate and growing the economy.
- View All Maine articles
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Solutions: Maine
Fixing Maine’s Welfare System
Fixing Maine's welfare system requires embracing a Wisconsin-style approach and keeping the system focused on promoting work and self-sufficiency. Maine's current welfare system does just the opposite, trapping people and families in poverty and promoting dependence and an overreliance on government.
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Solutions: Maine
Unfunded Government Employee Pension Liabilities Reform
Proposal for reforming Maine's pension plans, including freezing pensions for three years (2011 - 2013), identical to the state employee salary freeze, and ensuring reasonable increases in pensions after that, close to the historical norm of 2.8% annually, based on CPI (inflation), but capped at 2% (currently capped at 4%).
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Solutions: Maine
Maine's School Budget Validation Process Saves Tax Dollars
Under current law, most school budgets are first approved by those who are able to attend a district-wide public meeting. That approval is then "validated" by voters through a referendum vote. In this way, those who are unable to attend the district meeting, such as those serving in our armed forces overseas, have an opportunity to make their voices heard.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
- View All Pensions
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
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BLOG
Still Short
Fiscal stress and strain continues in the fifty states this week as more legislators look for ways out of the black holes in which they find themselves. Solutions sought by states include delayed retirement, increased pension contributions, and furloughs.
