Ravitch Fiscal Reporting

Ravitch Fiscal Reporting The Ravitch Fiscal Reporting Program at the CUNY J School provides advanced training in state and local fiscal issues through week-long and weekend program

The Ravitch Fiscal Reporting Program at the CUNY J School provides advanced training in state and local fiscal issues through week-long and weekend programs emphasizing in-depth knowledge of key controversies, overcoming reporting challenges and improving storytelling. It will help reporters stay on top of breaking issues through its email newsletter and website, and create a network of reporters covering the beat.

Reporters who have attended the Ravitch session know how to cover pension fund results. This AP reporter did not. With m...
05/20/2019
State pension fund report doesn't tell the real story

Reporters who have attended the Ravitch session know how to cover pension fund results. This AP reporter did not. With most governments on a July 1 fiscal year, the final numbers will be very interesting. Here's my take on the latest from NYS @ https://www.crainsnewyork.com/greg-david-new-york/state-pension-fund-report-doesnt-tell-real-story

Breadcrumb Home Greg David on New York May 17, 2019 01:35 PM State pension fund report doesn't tell the real story State investment gains fell short Greg David Columnist Tweet Share Share Email More Print Bloomberg HIGHLIGHTS • The state earned 5.23% • The target is 7% • Shortfalls can be a...

Here's a trend that you should be watching. States and cities are scaling back or eliminating retiree health coverage. E...
05/02/2019
As Retiree Health-Care Bills Mount, Some States Have a Solution: Stop Paying

Here's a trend that you should be watching. States and cities are scaling back or eliminating retiree health coverage. Excellent trend story by WSJ reporter and Ravitch alum Heather Gillers @ https://www.wsj.com/articles/as-retiree-health-care-bills-mount-some-states-have-a-solution-stop-paying-11556703001

Local governments across the U.S. are testing how far they can reduce health benefits for their retirees as a way of coping with mounting liabilities and balancing budgets.

Ravitch alum Heather Gillers tackles the key problem with pensions -- the strongest stock market in history hasn't helpe...
04/10/2019
The Long Bull Market Has Failed to Fix Public Pensions

Ravitch alum Heather Gillers tackles the key problem with pensions -- the strongest stock market in history hasn't helped"

https://www.wsj.com/articles/why-the-longest-u-s-bull-market-has-failed-to-fix-the-nations-public-pensions-11554888600?mod=hp_lead_pos5

Robust gains from the longest bull market in U.S. history have failed to solve the deep-seated problems of the nation’s public pensions. But there is a simple reason why pensions are in such rough shape.

APPLICATIONS OPEN FOR FISCAL REPORTING SESSIONS BEGINNING JULY 8The next full week Ravitch Program workshop will be the ...
03/22/2019
Schedule

APPLICATIONS OPEN FOR FISCAL REPORTING SESSIONS BEGINNING JULY 8

The next full week Ravitch Program workshop will be the week of July 8 covering budgets, bonds, pensions, tax incentives, opportunity zones and additional topics to be decided by the attendees. The program, held at the Craig Newmark Graduate School of Journalism at the City University of New York in New York’s Times square, provides in-depth sessions on both concepts, data and reporting strategies.

The program pays all expenses including transportation, hotel and food.

The schedule from the July session (http://ravitch.journalism.cuny.edu/schedule/) will be close to the schedule for January posted on the Ravitch web site.

The deadline for applications is April 30 but applications will be considered on a first-come basis.

The application is at http://ravitch.journalism.cuny.edu/application.

For more information contact Ravitch Program director Greg David at [email protected].

  SCHEDULE FOR JAN 7 - JAN. 11 MONDAY Jan. 7 9 a.m. – 10 a.m.: Welcome and Introductions 10 a.m. –3:00 p.m.: Budgets A to Z — with Greg

Pension spiking is an issue for most public pension plans. Here's a savvy way to attack the issue for readers @ https://...
03/08/2019
Here’s how overtime boosts Philly workers’ retirement checks — and could cost the city $17 million in a single year

Pension spiking is an issue for most public pension plans. Here's a savvy way to attack the issue for readers @ https://www.philly.com/news/pensions-municipal-workers-spiking-overtime-unions-labor-contracts-philadelphia-20190307.html

An Inquirer review of city data found 18 municipal employees who left their jobs in 2017 and achieved something that seems illogical: By retiring, they guaranteed themselves a bigger paycheck each month than the base salary they earned going to work day after day.

03/06/2019

The California Supreme Court punts on the California rule. Here's Reuters story. I hope to have comment from Peter Kiernen soon.

California pension ruling skips test of constitutional protections

3 Min Read

(Reuters) - The California Supreme Court ruled on Monday that the elimination of a program allowing public workers to boost their pensions was constitutional, but it sidestepped the bigger issue of constitutional protections for increasingly expensive public worker pension benefits that are eating away at the state’s finances.

The case brought by a California firefighters union against the California Public Employees’ Retirement System (CalPERS) appeared to be a candidate to test the legal right of public sector workers to accrue the same level of pension benefits throughout their career. This so-called California rule has limited the ability of the state to cut retirement benefits as a way to ease pension costs.

Josh McGee, a senior fellow at the conservative Manhattan Institute, said the ruling leaves California with rising costs that are increasingly competing for money needed for state services.

“By sidestepping a ruling on the California Rule, the supreme court didn’t solve anything. They left a big unknown out there to be determined at a later date,” he said.

Advertisement

The high court affirmed previous trial and appeals court rulings that found the ability of public workers to purchase up to five years of additional service credit to boost their pensions was not protected by the state constitution’s contract clause.

Advertisement

The elimination of that program was part of a California pension reform law that took effect in 2013. Given its ruling, the supreme court said it would not take up the issue of whether the program’s termination was an unconstitutional impairment of workers’ rights.

“Because we conclude that the opportunity to purchase ARS (additional retirement service) credit was not a term and condition of public employment protected from impairment by the contract clause, its elimination does not implicate the constitution,” the opinion stated. “For that reason, we have no occasion in this decision to address, let alone to alter, the continued application of the California Rule.”

McGee said that while other pension cases are working their way through the California courts, it was “relatively unlikely” that justices will give the state flexibility to reduce its pension costs.

Reporting by Karen Pierog in Chicago; Editing by Matthew Lewis
Our Standards:The Thomson Reuters Trust Principles.

More From Reuters
Top articles
1/5
READ MORE
At least seven missing in Alabama after deadly weekend tornadoes

Advertisement

NYS's budget is falling apart. A warning sign for other states? https://bit.ly/2UG7jxx
02/05/2019
What does Cuomo do now?

NYS's budget is falling apart. A warning sign for other states? https://bit.ly/2UG7jxx

Breadcrumb Home Greg David on New York February 05, 2019 12:13 PM What does Cuomo do now? Budget gap means both immediate and long-term problems Greg David Columnist Tweet Share Share Email More Print Governor needs to find $2 billion in two months He needs to convince people there's a problem And w...

01/18/2019

David Crane takes on the NYT's reporting of the LA Teachers Strike

Dear GFC Supporters and Legislators,

Today's New York Times includes an article about funding for California's schools that gets some facts wrong. While it is correct that the enactment of Proposition 13 in 1978 limited property tax funding for schools, the author neglected to explain (or even mention) the replacement of that funding by Proposition 98. Fortunately, readers can get information from original sources easily accessible via the Internet.

As explained on page 32 of the Governor's Budget, "the annual funding level for K-12 schools and community colleges is determined by the Proposition 98 formula, a constitutional initiative approved by California voters in 1988 that guarantees K-12 schools and community colleges a minimum level of funding from state [revenues] and local property taxes." That page also shows the growth in Proposition 98 funding:
Page 33 shows spending per California student:
Another excellent original source is the Legislative Analyst's Office, which in its 2018 analysis of K-12 informs readers that "the state Is [the] primary source of funding for schools" and that "California per-pupil spending ranks in the middle among the states."

LAUSD's revenue growth can be seen via original sources at LAUSD's Office of Chief Financial Officer here and as illustrated for the last five years below:
That same site also allows readers to derive information about how LAUSD's spending priorities have changed. Eg, over that five-year period spending on active LAUSD teacher salaries dropped from 35 percent of revenues to 28 percent while spending on retirement costs grew from 8 percent of revenues to 12 percent of revenues.

The Internet has made access to original sources of information easier than ever. We encourage legislators and GFC supporters to make full use of those sources.

David Crane
President

https://bit.ly/2FGP4Un
01/17/2019
Cuomo's fiscal policy is bordering on criminal

https://bit.ly/2FGP4Un

Breadcrumb Home Greg David on New York January 17, 2019 02:09 PM Cuomo's fiscal policy is bordering on criminal Putting little in reserve, governor sets state up for disaster Greg David Columnist Tweet Share Share Email More Print Associated Press HIGHLIGHTS • New York reserves amount to 3% of th...

We taped out three sessions at the January Ravitch program on sports gambling and cannabis and put them on You Tube:Here...
01/16/2019
Ravitch Fiscal Reporting Program: The Fiscal Impact of Cannabis and Sports Gambling Part 1

We taped out three sessions at the January Ravitch program on sports gambling and cannabis and put them on You Tube:

Here are the links:

Part 1: https://youtu.be/u7XSecvQKgc

Part 2: https://youtu.be/nmmTjbBC98k

Part 3: https://youtu.be/rSqhT74qyMI

The businesses of sports gambling and cannabis are booming and fast-changing. Business and Economics Reporting Director Greg David and Urban Institute Fellow...

As I alerted you earlier, we will be live streaming on Facebook Live three sessions at next week's Ravitch Fiscal Report...
01/03/2019
Events - Newmark J-School

As I alerted you earlier, we will be live streaming on Facebook Live three sessions at next week's Ravitch Fiscal Reporting program on sports gambling and cannabis. If will be sending a link to anyone who emails me but we expect it to be on this page:

https://www.journalism.cuny.edu/events

Here is the lineup. All times are eastern

TUESDAY Jan. 8

3:30 to 4:30 Cannabis and Sports Gambling: The Fiscal Impact with Lucy Dadayan of the Urban Institute

WEDNESDAY Jan. 9

3:30 to 5:00 Sports Gambling: Watch to watch for in legislation, who the players are, how to follow the money. Mark Conrad, Fordham

THURSDAY Jan. 10

3:30 to 4:30 Cannabis: Watch to watch for in legislation, who the players are, how to follow the money. Alyson Martin, Cannabis Wire

Want to understand what Donald Trump is doing to the economy, the  markets and companies? Have reporters in need of a ba...
12/11/2018
The Economy, Markets, and Business in the Age of Trump, with Greg David, January 15, 16, and 17, 2019

Want to understand what Donald Trump is doing to the economy, the markets and companies? Have reporters in need of a basic grounding on economics? Take my 3-night Crash Course at the Newmark Graduate School of Journalism. Sign up here: https://bit.ly/2ryuT2B

Description:This special three-night crash course introduction to the subject focuses on both the basics and how President Trump has changed so much about the economy and business. Tuesday night will begin with a look at some economic fundamentals and then ask the question if Trump is so bad, why is...

Check out the Ravitch Fiscal Reporting Project The State of Inequality and how inequality, the safety net and taxes play...
11/26/2018
Reporting Grants

Check out the Ravitch Fiscal Reporting Project The State of Inequality and how inequality, the safety net and taxes plays out to help or hurt the poor and help or hurt the very rich in New York, Georgia, Texas and Washington state @ http://ravitch.journalism.cuny.edu/reporting-projects

The Ravitch Fiscal Reporting Program at the Craig Newmark Graduate School of Journalism at the City University of New York awards grants of up to $15,000

The Texas Tribune, KUOW in Seattle and WABE in Atlanta have begun publishing stories on how state and local policies mak...
11/01/2018
Inequality: The state story

The Texas Tribune, KUOW in Seattle and WABE in Atlanta have begun publishing stories on how state and local policies make inequality worse or supplement the safety net. You can read all the stories in this Ravitch funded series here: http://ravitch.journalism.cuny.edu/project/inequality-the-state-story. More to come too

Photo: GRACE WALKER / WABE To understand the role that state and local policies play in reducing or exacerbating the impact of inequality, The Ravitch Fiscal

I wanted to bring you all up to date on how the Ravitch Fiscal Reporting Program has added inequality and fiscal issues ...
09/28/2018
Hurricane Harvey exposed the gap between people who could afford to rebuild — and everyone else

I wanted to bring you all up to date on how the Ravitch Fiscal Reporting Program has added inequality and fiscal issues to the topics we tackle in our full week program and in other ways,

The July session for the first time included a session in inequality and fiscal policy (which got exceptionally high marks in the reviews you did.

And this is a story Marina Riker produced in Victoria Texas using what she learned at the session.

https://www.victoriaadvocate.com/news/government/hurricane-harvey-exposed-the-gap-between-people-who-could-afford/article_9b035130-a7bc-11e8-a35b-8fcaf6a07759.html

(You can read the first three graphs and skip the rest of the anecdotal lede!)

Also in the next month or so Crain's New York Business, the Texas Tribune KUOW in Seattle and WABE in Atlanta will begin publishing and airing a series of reports on state and local fiscal policies and inequality. Those stories were funded in part by the remaining money in the Arnold Grant. We are trying to find a new source of money to continue the reporting grants for ambitious fiscal stories and (maybe) to do a separate session in inequality and fiscal policy.

The bleach fumes make Angelica Castaneda’s eyes burn, but watery eyes are better than her children falling ill because of mold. Wearing athletic shorts and a teal T-shirt, the 30-year-old

09/17/2018

Doom awaits the states in the event economic downturn....or almost anyway says a new S&P report. Contact them or email me to get a copy. Highlights below

S&P Global Ratings study on states' level of fiscal preparedness for another downturn shows a mixed picture.
The study found that most states are in an adequate position to manage through a hypothetical recession that causes moderate budget stress.
But doing so would require making fiscal adjustments that go beyond drawing from accumulated budget reserves alone.
In most states, budget reserves remain insufficient to absorb even the first-year fiscal effects of a downturn.
According to our survey, the states' fiscal 2019 budgets include $715.8 billion in primary general fund tax revenues (E.g. Personal income tax, corporate tax and sales tax).
We estimate that assuming recessionary conditions, the states could experience a shortfall of $71.1 billion, or 9.9%.
We also considered a more severe fiscal reaction by the states in which the hypothetical recession triggered a larger revenue shortfall of $84.7 billion, or 11.8% of primary general fund revenues.

Address

219 W 40th
New York, NY
10018

Alerts

Be the first to know and let us send you an email when Ravitch Fiscal Reporting posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Ravitch Fiscal Reporting:

Nearby media companies