Petitioning for Bankruptcy, Lost Airbnb Revenue and Downgrading New Mexico

http://www.governing.com/subscribe/?promo_code=gt_mag_email_newsletterheader View Newsletter in Browser https://marketing.erepublic.com/acton/ct/16245/s-10d0-1610/Bct/q-1c29/l-sf-contact-0013:10ac94/ct1_1/1?sid=TV2%3APE1052RCZ https://ad.doubleclick.net/ddm/clk/310335681;137963762;j?https://www.mufgamericas.com/campaigns/corporatetrust/corporate-trust http://www.governing.com to Governing Magazine & Newsletters http://www.governing.com/subscribe?promo_code=newsletter&elqtrack=true on Facebook http://www.facebook.com/governing?elqtrack=true / Twitter http://twitter.com/governing?elqtrack=true / LinkedIn http://www.linkedin.com/groups?gid=54800&elqtrack=true Petitioning for Bankruptcy, Lost Airbnb Revenue and Downgrading New Mexico http://www.governing.com/topics/finance/gov-finance-roundup-scranton-petition-bankruptcy-lost-airbnb-revenue.html By Liz Farmer http://www.governing.com/authors/Liz-Farmer.html Activists in financially beleaguered Scranton, Pa., are petitioning for a ballot initiative http://www.valuewalk.com/2016/10/scranton-bankruptcy/ that would let residents decide if the city should file for bankruptcy. It’s a first-of-its-kind petition and reflects the ongoing frustrations of a city that’s been “fiscally distressed" for two decades. Scranton is one of Pennsylvania’s Act 47 cities, which designates it as fiscally distressed and opens it up to aid and other resources from the state. The designation also means that the city must comply with certain fiscal requirements, such as developing a recovery plan. But Act 47 has had its problems, the biggest being that it doesn’t seem to provide enough oversight. For example in 2011, the Scranton City Council voted to lower property taxes to provide relief for residents. But the move intensified the city’s budget problems, which included legacy costs, a shrinking tax base and limited access to the credit market. “Why council and executive actions that do not comply with a recovery plan are not constrained by Act 47 is a mystery," wrote Natalie Cohen, Wells Fargo’s managing director for municipal research, in a recent analysis. Another big program is that cities languish in the program http://www.governing.com/finance101/gov-bankrupt-cities-overshadow-distressed.html for decades. The act became law in 1987 and by 2012, 14 municipalities across the state had been in the program more than a decade. Some, like Scranton, have been in the program for more than 20 years. Keep Reading >> http://www.governing.com/topics/finance/gov-finance-roundup-scranton-petition-bankruptcy-lost-airbnb-revenue.html#continued ADVERTISEMENT https://ad.doubleclick.net/ddm/clk/310336147;137968432;g?https://www.mufgamericas.com/campaigns/corporatetrust/corporate-trust MORE FINANCE NEWS & COMMENTARY To Limit Debt or Make It Limitless? 2 States’ Voters Will Decide. http://www.governing.com/topics/finance/gov-two-states-weigh-debt-ballot-box.html In an anti-debt climate, one state aims to rein it in while another tries to uncap it. Plus: More coverage of 2016 state ballot measures on finance http://www.governing.com/topics/elections/gov-2016-state-ballot-measures-coverage.html#finance . How State Elections Could Affect Road Funding http://www.governing.com/topics/transportation-infrastructure/gov-how-state-elections-could-affect-road-funding.html The victors in down-ballot races could determine what approaches states take toward fixing up rundown roads and infrastructure in the years to come. Voters Given Opportunities to Limit Money’s Role in U.S. Politics http://www.governing.com/topics/elections/gov-campaign-finance-ballot-measures.html Several states will weigh in on the Citizens United ruling, campaign contribution limits and publicly financed elections in November. How Are States Using Welfare Funding? Often, Not to Help People Work. http://www.governing.com/topics/health-human-services/gov-welfare-work-state-spending.html Without a job, recipients risk losing their benefits. But states aren’t spending much to help them get and stay employed. See how your state’s welfare funding is being spent. ENJOY THIS NEWSLETTER? Governing has 10 others delivering news and commentary on a wide range of topics straight to your inbox. SUBSCRIBE FOR FREE TODAY http://www.governing.com/subscribe/newsletters?promo_code=gov_enews_daily This email was sent to blog0032.aree345@mail.ulasu.com. Unsubscribe blog0032.aree345@mail.ulasu.com&newsletter=157″ >http://cms.erepublic.com/common/subscriptions/unsubscribe?email=blog0032.aree345@mail.ulasu.com&newsletter=157 | Opt out of all e.Republic email http://marketing.erepublic.com/acton/rif/16245/s-10d0-1610/-/l-sf-contact-0013:10ac94/q-1c29/zout?sid=TV2%3APE1052RCZ | Privacy Statement http://www.erepublic.com/privacy/ © 2016 e.Republic. All rights reserved. 100 Blue Ravine Road, Folsom, CA 95630. Phone: 916-932-1300