Keating Report reveals local government fiscal realities in 2013
The 2013 Keating Report summarizes survey results that show how city finance officers and other government officials coped with a sluggish economy in 2012, and how Kent, Wash., is hiking fees and taking other revenue-boosting steps in 2013. Officials from the Council of State Governments, the National Council for Public-Private Partnerships and other organizations weigh in on 2013 government budgets, spending, construction, public-private partnerships and related topics.
Here's a quick review of what you'll find in the 2013 Keating Report:
Federal fiscal trends
Total federal revenues, says the Congressional Budget Office (CBO), will rise to $2.91 trillion in 2013, up from $2.44 trillion in 2012. The data is in the latest CBO Baseline forecast. Congress and policymakers are facing difficult trade-offs as they work to tame the nation's soaring debt in 2013.
Recently, state tax collections have provided some optimistic headlines. FY 2013, in fact, marks the third consecutive year that state officials are forecasting higher state tax revenues compared with the previous fiscal year. A healthier economy should keep the momentum going.
Local government fiscal realities
These are challenging times for local governments, with some cities facing falling tax revenues and higher operating costs. Some communities have responded by raising cable television franchise taxes, hiking construction permit fees charged to developers, and taking other revenue-enhancing steps.
Public works and transportation construction
Read how road construction and other public works projects will play out in this section of the 2013 Keating report. The two-year Moving Ahead for Progress in the 21st Century surface transportation act, named MAP-21, which Congress approved in July 2012, will have an impact on 2013 transportation construction budgets.
In 2013, several factors will encourage public agencies to increase their use of public-private partnerships (PPP), says the executive director of a national trade group. Other officials weigh in.
Economy and government purchases
The U.S. economy is slowly recovering, and that is affecting government revenues, purchases and budgets. In 2013, government purchases of goods and services will reach $3.08 trillion, up a little from $3.07 trillion in 2012, according to Lexington, Mass.-based economic forecaster IHS Global Insight.
Read the entire story from Government Product News, our sister publication.