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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
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.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Research
"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.
- View All News Stories
Fiscal Year starts: July 1
Gov. Bill Haslam
Office of Governor Bill Haslam
State Capitol
Nashville, TN 37243-0001
Phone: (615) 741-2001
Fax: (615) 532-9711
http://www.tennessee.gov
David Thurman, Director
Division of the Budget
16th Floor, Tennessee Tower
312 8th Avenue N.
Nashville, TN 37243
Phone (615) 741-4806
http://www.state.tn.us/finance/bud/budget.html
Bill.Bradley@tn.gov
2012 Legislative Calendar: Regular Session convenes January 10 and adjourns in mid May.
Legislative Budget Leaders:
Rep. Charles Sargent (R), Chair, House Finance, Ways and Means Committee; Vice-Chair, Joint Committee on Pensions and Insurance, rep.charles.sargent@capitol.tn.gov (615) 771-7222
Rep. Michael Harrison (R), Vice-Chair, House Finance, Ways and Means Committee, rep.mike.harrison@capitol.tn.gov (423) 235-6803
Sen. Randy McNally (R), Chair, Senate Finance, Ways and Means Committee; Chair, Joint Committee on Pensions and Insurance, sen.randy.mcnally@capitol.tn.gov (865) 483-5544
Sen. Douglas Henry (D), Vice-Chair, Senate Finance, Ways and Means Committee, sen.douglas.henry@capitol.tn.gov (615) 741-3291
Sen. Bill Ketron (R), Chair, Joint Committee on Fiscal Review, sen.bill.ketron@capitol.tn.gov (615) 741-6853
Rep. Curtis Johnson (R), Vice-Chair, Joint Committee on Fiscal Review, rep.curtis.johnson@capitol.tn.gov (931) 358-3719
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.
Tennessee is required to pass a "balanced budget." Article II, Section 24 of the 1870 Constitution states that for any fiscal year State's expenditures shall not exceed the State's revenues and reserves, including the proceeds of any debt obligation, for that year. Tennessee law forbids the carrying over of a deficit from one year to the next.
The Tennessee Constitution also provides that in no year shall the rate of growth of appropriations from State tax revenues exceed the estimated rate of growth of the State's economy as determined by law. No appropriation in excess of this limitation shall be made unless the General Assembly shall, by law containing no other subject matter, set forth the dollar amount and the rate by which the limit will be exceeded. Although Tennessee has all of these balance budget provisions, its Budgetary Comparison Schedules reported budget deficits (negative net transactions) for each of the three years reviewed.
The State maintains the following funds: the General Fund, the Education Fund, 25 Special Revenue funds, a Debt Service Fund, a Capital Projects Fund, and 3 Permanent funds. Budgeted funds include: the General Fund, the Education Fund, and 22 non-major special revenue funds, and the Debt Service Fund. The Capital Projects Fund was not budgeted and neither were any Permanent funds. There is a noticeable difference between budgeted and actual figures (revenues and expenditures) as reported in the State's annual reports. All information necessary for budgetary analysis was presented efficiently within the Budgetary Comparison Schedules. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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K-12 Education :
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HEADLINES: Tennessee
Haslam budget includes pay raise but some layoffs
Gov. Bill Haslam proposed a $31 billion spending plan that would raise pay for state workers by 2.5 percent, fund a new science building at Middle Tennessee State University and cut more than 1,100 state jobs across Tennessee.
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RESEARCH: Tennessee
2011 Tennessee Pork Report
The sixth-annual Tennessee Pork Report is chock-full yet again, of waste, fraud, abuse, and mismanagement of taxpayer money by state and local government officials. Despite a changing political landscape in Tennessee, wasteful government spending has not disappeared.
- View All Tennessee articles
Unions :
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HEADLINES: Tennessee
Haslam: Compromise reached on civil service reform
Gov. Bill Haslam announced a compromise on civil service reform legislation and also said he plans to add about $28 million in spending to his proposed state budget for the coming year.
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HEADLINES: Tennessee
Bill limiting teachers union's role heads to Haslam
Compromise would let union be involved in contract talks.
- View All Tennessee articles
Higher Education :
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HEADLINES: Tennessee
Haslam budget includes pay raise but some layoffs
Gov. Bill Haslam proposed a $31 billion spending plan that would raise pay for state workers by 2.5 percent, fund a new science building at Middle Tennessee State University and cut more than 1,100 state jobs across Tennessee.
-
RESEARCH: Tennessee
2011 Tennessee Pork Report
The sixth-annual Tennessee Pork Report is chock-full yet again, of waste, fraud, abuse, and mismanagement of taxpayer money by state and local government officials. Despite a changing political landscape in Tennessee, wasteful government spending has not disappeared.
- View All Tennessee articles
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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.
-
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.
-
"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: Budget Gimmicks, Budget Processes and Systems, Measures to Balance Budgets
The Skinny on Taxes: the "Skin" tax
- View All Blog & Opinions
