Special Briefing

America’s hottest growth cities and states are facing challenges as they deploy resources to handle the recent pickup of domestic and international immigration to the South and West. US Census data show that Texas and Florida showed a net gain of almost 1 million residents in 2022; they and the rest of the ten fastest-growing states added a total of 1.6 million people. Will this influx help keep these states out of recession? What are the budgetary demands on infrastructure, housing, public safety, education, and the environment, and how will governments tap into recent federal infrastructure legislation? Our panel of experts includes Mayor Steve Adler, former mayor, Austin, Texas; Alex Adams, budget director, Idaho; Matthew D. Chase, chief executive officer and executive director, National Association of Counties; Darryl Martin, county administrator, Dallas County, Texas; and Anna Roach, chief executive officer and executive director, Atlanta Regional Commission. Notable Quotes: “What our approach has been is to assume that a lot of it is one time in nature, so our revenue forecast projects that we’ll have about $5.5 billion in ongoing revenue and we’ve structured our ongoing expenses at $5.1 billion.” - Alex Adams “We built more houses per capita last year than any city in the country and it still wasn’t enough. We’re going to have to do a better job with the land development codes so that we can build more densely and higher in our main community areas within the city.” - Mayor Steve Adler “What we’re also finding is the areas of the country that are really growing tend to be the suburban or exurban areas around these major metropolitan areas. And we’re really starting to see real tension between deploying new clean energy, like solar and wind farms, versus housing development versus agricultural land.” - Matt Chase “We’ve seen a 4% reduction in homelessness this year but we are experiencing an increase in homelessness among our veterans, our youth and our families which I believe is due in part due to the housing affordability crisis.” - Darryl Martin “We are doing innovative things like developing a new concept called Aerotropolis Atlanta that has been successful and has been in the works for many years and it’s been in operation for several years.” - Anna Roach Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With working from home persisting even as the COVID-19 pandemic wanes, our panel of experts discuss how to attract more people back to center cities, and the keys to increasing street life, bolstering commerce, and preventing further losses in municipal property and sales tax revenues. Our panel of experts includes Maria Torres-Springer, New York City Deputy Mayor for Economic and Workforce Development; Stijn Van Nieuwerburgh, Earle W. Kazis and Benjamin Schore professor of real estate and professor of finance, Columbia University's Graduate School of Business; Amy Cotter, director of climate strategies, Lincoln Institute of Land Policy; and Heather Long, columnist and Editorial Board member, Washington Post. Notable Quotes: “We have to build together. This is the type of work that no one level of government and no one sector of the economy can do alone. It is a model for what public-private partnership needs to look like and it’s what’s needed given the crises that we are facing in the city.” - Deputy Mayor Maria Torres-Springer “Make no mistake: This is a win-win for the public and private sector. We turn the corner and start building much-needed housing. At the same time, the government will generate a lot more tax revenue from this because the tax revenue is going to be falling dramatically from these old office buildings that are losing value.” - Stijn Van Niewwerburgh “It is not too soon for any central business district to start thinking about how it responds to a decline in their office market. And I would suggest that the first thing they can do is to avoid deterioration and further destabilization of the districts in which there is a preponderance of office uses.” - Amy Cotter “We have written that we think this is generally a good plan, however, it’s going to be very very tough in the interest rate environment that we are in and given the vast need of buildings that need to be converted to achieve all of those end goals.” - Heather Long Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As governors and mayors announce their spending plans for fiscal 2024, the panel of experts discuss state and local budgets in uncertain times. Our panel of experts includes Shelby Kerns, executive director, National Association of State Budget Officers; Eric Kim, senior director, Fitch Ratings; Lauren Larson, director, Colorado Governor’s Office of State Planning and Budgeting; and Gabriel Petek, legislative analyst, State of California. Notable Quotes: Notable Quotes: “People only think about the impact on state budgets when we are facing a recession, when it’s getting closer, when the risks are getting higher; I can assure you that state budget officers are always thinking about it. They’re always planning for it.” - Shelby Kerns “We think states are well positioned for volatility. After the Great Recession states really had more than a decade to recover and learn the lessons about revenue forecasting and building up fiscal resilience. I think for the most part, they took that to heart and came into the pandemic with a solid set of tools to manage volatility.” - Eric Kim “This is a really exciting time in Colorado. Our revenues last year were up 24% and as a benchmark, we are measuring our trendline from pre-pandemic and we are exceeding our pre-pandemic trend line....” - Lauren Larson “But I do want to be clear: Our office is not saying that the state should never use reserves. If after solving the level of deficit that we estimate the problem has gotten worse or the economy is going into a recession, we would say that that is the time to use reserves and it would be warranted at that point.” - Gabe Petek Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panel of experts discuss the future of downtowns in American cities as office vacancy numbers remain high and public transportation usage remains low. Our panel of experts includes Howard Cure, director of municipal bond research, Evercore Wealth Management; Steven J. Davis, senior fellow, Hoover Institution, and professor of business and economics, University of Chicago Booth School of Business; Tracy Hadden Loh, fellow, Anne T. and Robert M. Bass Center for Transformative Placemaking, Brookings Metro; Stijn Van Nieuwerburgh, Earle W. Kazis and Benjamin Schore professor of real estate and professor of finance, Columbia University's Graduate School of Business; and Romy Varghese, politics editor, Bloomberg News. Notable Quotes: “There’s no one-size-fits-all problem or solution. In some cities and regions, these losses are quite urgent, and are yielding fiscal and operational crises in the very near term. In others, these impacts may take years to fully manifest, in part due to one-time federal financial aid.” - Tracy Hadden Loh “Now there is widespread acceptance that remote work is here to stay and now they’re [city officials] focusing on different ways to bring people back into the downtown…It is going to take a really long time for these recommendations [to attract businesses] to be implemented and it’s really going to take a change in mindset because for so long, business came to San Francisco.” - Romy Varghese “The stakes are higher now than they were before the pandemic with respect to getting the right mix of the right local policies. Cities that get it right, either by virtue of a well-functioning political system or just being endowed with amenities that people value – those cities are well-positioned to benefit from the shift to work-from-home.” - Steven J. Davis “In the long run we are sort of going through this revolutionary change, which will take decades to play out and which will basically call for a major reallocation of space away from office to residential.” - Stijn Van Nieuwerburgh “You have a number of vacancies, you’re having turnover come in, and because of that, I think you really have to pay attention to the people who are applying and the quality of the people applying for these jobs.” - Howard Cure Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panel of experts discuss issues including inflation, employment, housing, jobs, and the possibility of a recession, as we look towards the new year. Our panel of experts includes Mayor Kate Gallego, Mayor of the City of Phoenix, Arizona; Emily Brock, director, Federal Liaison Office, Government Finance Officers Association; Natalie Cohen, president and founder, National Municipal Research; Julia Coronado, president, MacroPolicy Perspectives and clinical associate professor of finance, McCombs School of Business at the University of Texas at Austin; and Mark Zandi, chief economist, Moody’s Analytics. Notable Quotes: “I've been serving as mayor since 2019, so COVID hit at the tail end of my first year. We then went into a very deep and very short recession and came out when Taiwan Semiconductor Manufacturing Corporation (TSMC) made a major announcement, our largest in city history that might be familiar to folks because President Biden was in Phoenix last week to celebrate TSMC.” - Mayor Kate Gallego “The inflation numbers we've been getting, particularly one we got for the month of November, a couple of days ago, are pretty, pretty good. It feels like we're moving into the right direction.” - Mark Zandi “Historically, when the Fed is raising interest rates, [it is] usually sooner or later in a recession. And so we are on that side of the cycle. The easing of policy, the support from fiscal and monetary policy is behind us now. We are seeing policy tighten on both fronts. It’s a small sample and there's been a lot of unusual elements to this cycle.” - Julia Coronado “Now, on the prospect for the 118th Congress, which starts in January, obviously we have a split Congress. What some people negatively characterize is gridlock. We might actually positively characterize gridlock in the form of a calming down.” - Emily Brock “The bottom line is in pretty good health across the board. On the revenue side, inflation actually on a nominal basis serves well on the sales tax side. On the property tax side, on the income tax side, and certainly also in the energy sphere on severance taxes. So those areas, again, it's nominal.” - Natalie Cohen Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panelists discuss how Inflation has yet to be controlled, recession is looming, federal COVID-19 budgetary aid will soon expire, and working from home is decreasing demand for Center City businesses. What can be done? Our panel of experts includes Greg David, director, business and economics reporting program, City University of New York Craig Newmark Graduate School of Journalism, and a contributor to The City, covering fiscal and economic issues; Shirley Clarke Franklin, former mayor, Atlanta, Georgia, and director, The Volcker Alliance; Heather Gillers, reporter, the Wall Street Journal; and Farhad Omeyr, program director of research and data, National League of Cities. Notable Quotes: “We observe that governments that rely heavily on only property taxes for their general-purpose expenditures, saw less turbulence in their budgeting after the shutdown of the economy because property taxes were inelastic, relatively speaking.” - Farhad Omeyr “When I moved to Atlanta 50 years ago, the metropolitan area was 1 million people, and the state was 4 million. Today the metropolitan area is close to 6 million. The infrastructure that is needed to support a healthy community and healthy economy has really not kept pace.” - Sharley Clarke Franklin “All the contracts with our unions either have expired or the last view will expire in the next month or two. We could get short term contracts instead of four- and five-year contracts. We could get contracts with reopeners, we could get one one-time upfront payments, because after all, we don't know if inflation is going to continue at this rate.” - Greg David “Longtime Mayor Richard Daley underfunded the pension plans, just set aside far less money than really needed to be in those pension funds to meet future obligations.” - Heather Gillers Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panelists discuss the impact of the Inflation Reduction Act on state and local budgets, focusing on the opportunities and challenges that are on the road ahead. Our panel of experts included Ben Beachy, vice president of manufacturing and industrial policy, BlueGreen Alliance; Sarah Gimont, associate legislative director for environment, energy and land use policy, National Association of Counties; Justin Marlowe, research professor, University of Chicago Harris School of Public Policy; and Richard Prisinzano, director of policy analysis, Penn Wharton Budget Model, the Wharton School, University of Pennsylvania. Notable Quotes: “This win-win approach to climate change that we see here is a rebirth of the US industrial policy.” - Ben Beachy "The funding provided in the law is really going to be beneficial for community and economic development, areas in which counties play a critical role." - Sarah Gimont "It creates all sorts of interesting and creative opportunities for states and localities and public utilities and pension plans and potentially even nonprofits foundations, other ways to get directly involved." - Justin Marlowe "Our modeling and analysis basically says it has no meaningful effect on inflation, either increasing or decreasing." - Richard Prisinzano Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panelists discuss the latest figures on inflation released on quarter 3 of 2022, and analyze the likelihood of stagflation and recession as these inflationary pressures continue to impact the US economy as well as the outlook for states and municipalities and their budgets. Our panel of experts includes Alison Premo Black, senior vice president and chief economist, American Road & Transportation Builders Association; Beth Ann Bovino, US chief economist and managing director, S&P Global Ratings; Hughey Newsome, chief financial officer, Wayne County, Michigan; Gabriel Petek, legislative analyst, State of California; and Mark Zandi, chief economist, Moody’s Analytics. Notable Quotes: “I don't see recession [in the] next six months or the next nine months, but now I have a 50/50 outlook by the latter part of 2023 going into 2024.” - Mark Zandi “There's no question that in terms of infrastructure investment, there are a couple of things that the industry has been dealing with in terms of those construction projects. There's no doubt the increase in prices is definitely impacting [projects] as well as material availability.” - Alison Premo Black “Our judgment was that historically speaking, it's been difficult for the Fed to navigate a soft landing when you have such a situation,” - Gabriel Petek “We've been able to kind of store some nuts away for the winter; that was somewhat on purpose but also somewhat on accident,” - Hughey Newsome Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Even as the US recovers from the worst days of the COVID-19 pandemic, many cities continue to see substantial weakness in commercial office space utilization. The expert panel discusses research findings that reflect the slow return of employees to offices, which cities’ tax revenues may be most vulnerable, and what solutions are being deployed to adapt to the new workplace reality. Our panel of experts includes Nick Bloom, William Eberle Professor of Economics, Stanford University, and co-founder, WFH Research; Andrew S. Rein, president, Citizens Budget Commission; Stijn Van Nieuwerburgh, Earle W. Kazis and Benjamin Schore Professor of Real Estate, Columbia Business School; and Lauren Weber, reporter, the Wall Street Journal. Notable Quotes: “...there are four reasons why people have been going hybrid. The first is employees really like it. If you survey employees, which I’ve been doing in multiple waves, they report that getting to work from home 2-3 days a week is about the same as a 5-10% pay increase.” - Nick Bloom “Office tenants have to make multi-years commitments when they sign a new lease, and what the data shows so far is about a 10% drop in revenue on all active leases between the end of 2019 and the end of 2021.” - Stijn Van Nieuwerburgh “380,000 Manhattan workers live elsewhere in New York State, so there’s a question of that shift in economic activity. Doesn’t hurt the state necessarily, but it hurts the city. Also, 380,000 live in New Jersey and Connecticut, and that is where that change in economic activity is going to hit the city fisc and the state fisc.” - Andrew Rein “I think a huge issue is that many workers just feel that no one has made a case to them about why they should be back in the office, and I think that’s especially the case for younger people, who don’t necessarily want to be told what to do.” - Lauren Weber Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

In a Special Briefing hosted by the Volcker Alliance and Penn IUR an expert panel discusses actions states and municipalities are taking related to tax relief, if they will provide inflation relief or spur economic growth—or whether they will lead to shortfalls if rising interest rates end in recession, just as much of the pandemic aid is set to expire. This Special Briefing features a panel of experts, including Alex Adams, budget director, Idaho; Beverly S. Bunch, professor, School of Public Management and Policy, University of Illinois Springfield; Howard Cure, partner and director of municipal bond research, Evercore Wealth Management and Shelby Kerns, executive director, National Association of State Budget Officers. Notable Quotes: “Lifted by federal support and unexpectedly strong revenue growth after the pandemic hit, rainy day funds hit a record of 13.5 percent of shared general fund expenditures in fiscal 2021.” - Shelby Kerns “If you’re say cutting a gas tax within a state and that state uses the gas tax or leverages the gas tax to issue debt for basic transportation infrastructure needs, what happens when you suspend it?” - Howard Cure “It’s not what you do in bad times, it’s what you do in good times that will set you up for success or failure in the future.” - Director Alex Adams Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With the passage of the IIJA in November 2021, governments face the challenge of allocating more than $1 trillion of funding in a strategic manner that address both past neglected needs and paves the way for a sustainable future. Panelists discuss innovative solutions being pursued, roadblocks that are on the horizon, and the overall impact of this funding on the nation’s infrastructure and economy. This Special Briefing features a panel of experts, including Patrick Brett, managing director and head, Citi Municipal Debt Capital Markets; Mayor Jorge Elorza, City of Providence, Rhode Island; Lauren Larson, director, Colorado Governor’s Office of State Planning and Budgeting; and Larry Parks, co-founder, Forethought Advisors. Notable Quotes: “When you consider that 80 percent of the nation’s infrastructure spending comes from state and local governments, this new federal funding is truly a gift that will keep on giving,” William Glasgall said. “We have a lot of divided governments at the state level,” said Larry Parks, co-founder of Forethought Advisors, which provides strategic counsel and political intelligence to clients in financial services and other regulated industries. “Let’s say you have a Republican legislature in Michigan and a Democratic governor. Does Detroit benefit or not?” “We’re expecting 120 programs to receive some type of money here, and that’s in ten of our state agencies, so it’s quite a coordination effort,” said Lauren Larson, director of the Colorado Governor’s Office of State Planning and Budgeting. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As the outlook for inflation, interest rates, the possibility of a recession, are in flux, this Special Briefing looks at what it all meant for state and local finance. Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System, delivers brief welcoming remarks in appreciation of Paul A. Volcker (1927-2019), former Federal Reserve Chair and founding Chairman of the Volcker Alliance. This Special Briefing features a panel of experts, including Mark Zandi, chief economist, Moody’s Analytics; Matt Gress, budget director, Arizona; Natalie Cohen, founder, National Municipal Research; and Les Richmond, vice president and actuary, Build America Mutual Assurance. Notable Quotes: "Paul Volcker knew that in order to tame inflation and heal the economy, he had to stay the course,” Jerome H. Powell said. “He demonstrated resolve and integrity by refusing to be swayed by political expediency." “The most likely scenario for the U.S. economy over the next twelve to twenty-four months is for it to evolve into a self-sustaining economic expansion,” Mark Zandi said. He predicted inflation will fall close to the Fed’s target of about 2 percent by the end of 2023, from more than 8 percent in March. “In higher inflation environment, the stage is set for underperforming assets versus what actuaries expected,” Build America Mutual’s Richmond said. “When that happens unfunded liabilities grow, and budgetary requirements that are needed to pay for them will grow as well.” Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The shift to working from home, accelerated by the COVID-19 pandemic, poses a fiscal threat to the nation’s biggest cities, which depend on commercial property taxes for revenue, according to panelists at the March 17 Special Briefing hosted by The Volcker Alliance and the Penn Institute for Urban Research. Panelists discuss research on the rise of at-home employment and its implications for budgets, real estate markets, and transit systems. This special briefing features a panel of experts, including Jose Maria Barrero, associate professor, Instituto Tecnològico Autònomo de Mèxico; Howard Chernick, professor emeritus, Hunter College, CUNY; Ally Schweitzer, reporter, WAMU; and Anthony Williams, former mayor, Washington, DC. Notable Quotes: “We’re in for some heavy lifting, politically,” said Anthony Williams, mayor of Washington, DC from 1999-2007 and current chief executive officer of the Federal City Council, a nonprofit organization of business and professional leaders. “The pandemic acted like a mass experiment,” said Jose Maria Barrero, who helps conduct a monthly work-from-home survey. “The forced experiment that the pandemic imposed on us has taught us how well it works,” he said. “Employees and their companies have learned that work from home can work and that trying to get back to full time is something that we don’t need.” Howard Chernick said that a 9 percent increase in the valuation of residential property would be enough to offset a projected decline in commercial property taxes. “The political problem,” he said, “is how do you tax that?” For example, New York City has had a property tax system that deliberately shifts the burden away from homeowners, he said, and that many cities have limits on property taxes and levy increases. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As Mayor Adam’s Administration begins to lay out plans for the future of New York City, panelists discuss the challenges New York City faces in 2022, including COVID-19, street crime, and the possibility of fiscal challenges as federal pandemic aid wanes in coming years. Featuring the findings from Penn IUR's Recovering Cities Project, which tracks the New York economy through 2020-21, and the final report Recovering New York City: A One Year Look Back on the Penn IUR Recovering Cities Project, and a Look Forward towards Recovery. This special briefing features a panel of experts, including Ronnie Lowenstein, former head of of the New York City Independent Budget Office; Ray McGuire, former Citigroup Vice Chairman and New York City mayoral candidate; Richard A. Ravitch, former New York State Lieutenant Governor and Kathryn Wylde, president and CEO, Partnership for New York City. Notable Quotes: "Things are getting better but they're not really where we need them to be," said Eugenie Birch, co-director of Penn IUR. "One thing that didn't happen is a robust economic recovery," Former New York City IBO Director Ronnie Lowenstein said. "These are in many ways one-time events, so we shouldn't get so seduced by where we are in the immediate future," Ray McGuire, former Citigroup Vice Chairman said. "We need to be careful not to create these zombie programs that will last into the future that we simply cannot finance." "New York City will come back" Former Lieutenant Governor Richard A. Ravitch said. "The mayor's proposed budget is good step in right direction, but he still is going to have deficits." He added that the city is home to “several million very poor people who are in desperate need. We have more homeless than we've ever had before.” Moreover, the city’s low-income residents “are dependent in no small part on the education system. Providing them with the best is critically important to the future of New York." Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

At the start of 2022 panelists join to discuss the anticipated path of the US economy, inflation, interest rates, the impact COVID-19 continues to have, and whether state and local governments face a “fiscal cliff” as federal pandemic budget aid is expended. This special briefing features a panel of experts, including Lucy Dadayan, senior research associate with the Urban-Brookings Tax Policy Center at the Urban Institute; Larry Johnson, Commissioner, DeKalb County (Georgia) Board of Commissioners and president, National Association of Counties; Eric Kim, senior director, Fitch Ratings Inc.; Torsten Slok, chief economist, Apollo Global Management, and Mark Zandi, chief economist, Moody’s Analytics. Notable Quotes: “From a county perspective, we look at the funding we’ve received so far from Cares. For instance, for us in DeKalb, this past weekend we gave out about 10,000 free at-home COVID tests to residents in our community,” Larry Johnson “For 2022, Fitch is projecting US GDP growth of 3.7%, that’s down from the 5.7% we estimated for 2021, but still well ahead of the 2% average we were seeing pre-pandemic,” Eric Kim “What is promising is that we see that local governments are also putting aside money in rainy-day funds. Of course, it all depends on what happens next. We have been seeing a growth in natural disasters, in the number of wildfires, the number of hurricanes, and my advice would always be it is better to be prepared than to be sorry,” Lucy Dadayan. “The year should be a solid one, I expect a GDP growth of about 4%. That means we will create enough jobs to get the economy back to full employment by the end of the year,” Mark Zandi Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With states and localities already contemplating how to maximize federal infrastructure funding after the passage of the Infrastructure Investment and Jobs Act, panelists in this episode discuss spending plan strategies and what may lay ahead for states and localities now burgeoning with one-time cash. This special briefing features a panel of experts, including US Representative Earl Blumenauer (D-Oregon); Patrick J. Brett, managing director and head of Citi’s Municipal Debt Capital Markets and Capital Solutions businesses, chairman of the Municipal Securities Rulemaking Board, and advisory board member at Penn IUR; David Glick, associate professor in the Boston University Political Science Department, faculty director of MetroBridge, and co-principal investigator on the Menino Survey of Mayors with BU’s Initiative on Cities; and Rebecca Rhynhart, Controller for the City of Philadelphia. Notable Quotes: “With the election of Joe Biden, we have, for the first time in my twenty-five-year career, we have a President who is not only committed to rebuilding and renewing America, but is willing to put resources behind it,” Congressman Earl Blumenauer. “So, in my view, I thought if the city spent one billion dollars more, and resident satisfaction declined, then we should be able to figure out how to balance the budget without raising taxes on people,” Philadelphia Controller Rebecca Rhynhart. “Roughly half of the mayors said something that was definitely in an infrastructure category that was in their top two, if we include housing… it is closer to two-thirds,” David Glick. “Any time you’re talking about infrastructure in this country you’re talking about state and local governments, because state and local governments, even with this bill, still fund over half of the infrastructure in this country,” Patrick Brett. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Three days after President Biden signed the Infrastructure and Investment Jobs Act, panelists discuss the role of climate change in state and local finance budgeting, as well as the role the federal government may play under the bill and other measures proposed by the Biden Administration. This special briefing features a panel of experts, including Tim Coffin, director of sustainability, Breckinridge Capital Advisors in Boston; Hughey Newsome, chief financial officer for Wayne County, Michigan; Emily Robare, vice president and credit research analyst, PIMCO Municipals; and Nora Wittstruck, director-ESG Lead for US Public Finance, S&P Global. Notable Quotes: “For example, when oil was trending at negative dollars per barrel during the onset of the pandemic, we moved ratings for Alaska and Wyoming, because of their reliance on severance taxes that fund their budgets from the oil and gas sector,” Nora Wittstruck. “Our built environment, our communities, our cities, were built for a different time period where we weren’t dealing with temperature increasing the way that it is,” Emily Robare. “The county did receive $340M of ARPA money, and we just reported to the County Commision and made public our intent to bring forth specific initiatives to fund the sustainability office. If those efforts are approved by our Commission, we will be able to launch a dedicated sustainability office,” Hughey Newsome. “Climate can magnify the existing credit issues, particularly for distressed communities, and can really become what we would recognize as a competing fiscal demand,” Tim Coffin. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As finer details of the forthcoming infrastructure package are forming in congressional negotiations, panelists contemplate the unmet needs of US states and municipalities and how this federal funding could be strategically utilized to address these needs in a comprehensive manner. This special briefing features a panel of experts, including Carolyn Coleman, executive director and CEO of the League of California Cities; Andrew F. Haughwout, senior vice president and policy leader for Household and Regional in the Federal Reserve Bank of New York’s Research and Statistics Group; Annie Linskey, White House reporter for the Washington Post; and Torsten Slok, chief economist for Apollo Global Group. Notable Quotes: “What we are still waiting for is more growth in services, more normalization in services. We are approaching more normal levels, but we are not back to the level of consumption of services we were at before the pandemic,” Torsten Slok. “One of the conclusions that I draw from all of this is that it’s going to be difficult to figure out exactly what the impact of this particular plan is going to be, because so much of it is about reducing ris.,” Andrew Haughwout. “In terms of managing for potential fiscal cliffs, I think it’s very good news that the ARPA dollars will be invested over time. They arrive in our communities in two tranches, and cities have until 2026 to expend those funds,” Carolyn Coleman. “What has changed this week is the President has begun to say, ‘OK, I’ve done a lot of listening, and this is probably going to be in the bill, and this is what’s not going to be in the bill,’” Annie Linskey. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As deliberations on an Infrastructure Package continue in Washington DC, the expert panel focuses on America’s needs for investment in clean water and wider access to broadband Internet service in states, cities, and counties. This special briefing features a panel of experts, including Mayor Ras J. Baraka of Newark, New Jersey; Kathryn de Wit, project director of Broadband Access Initiative; Thomas Hazlett, Macaulay Endowed Chair in Economics at Clemson University; and Howard Neukrug, executive director of The Water Center at Penn. Notable Quotes: “We are also using this money for flood mitigation, rehab our water and waste pump stations, upgrade fire hydrants, to deal with resiliency. Hurricane Ida hit us very hard in New Jersey, and we had serious flooding in and around Newark and the North Jersey area.” Mayor Ras Baraka. “What we ultimately found was that state programs were really successful by focusing on the ‘why?’ of broadband, and then on implementing inclusive and community-based approaches,” Kathryn de Wit. “Since the 1996 Telecommunications Act, in current dollars about $225B have gone out. These funds are awarded annually, and in recent years they have reached levels of about $10B,” Thomas Hazlett. “The new goal of the industry is to become greenhouse gas neutral facilities, and that is a remarkable change from just ten years ago,” Howard Neukrug. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Municipal officials and analysts have their sights set on social equity and climate resilience as Congress debates more than a trillion dollars of infrastructure spending proposed by the Biden administration, panelists focus on how state and local governments will use existing American Rescue Plan Act funding to address broadband and water and sewer needs. Additionally, panelists weigh in on the outlook for investment by counties and cities and risks posed by climate change to states, counties, and cities in the $4 trillion municipal bond market. This special briefing features a panel of experts, including Governor Brad Little, Idaho; US Representative Carolyn Bourdeaux (D-Georgia); Laura Curran, Executive, Nassau County New York; Thomas G. Doe, president, Municipal Market Analytics. Notable Quotes: "I look at all infrastructure through the climate lens," Municipal Market Analytics (MMA) President Thomas G. Doe said "It's looking not just at existing projects and their risk, but also what the future probable risks are for any new efforts that are being done, and, especially, not just on durability but also on equity as well." "As you know this is not a sexy topic," but it is critical, Representative Bourdeaux said. "It's kind of like your abs when you work out: It is your core." Governor Little said Idaho was being cautious in its use of relief money. "We're not certain, and I don't think anybody is, about when this is going to normalize," he said. "We want to make sure we know what normal is … and what to do when the federal government ceases to inject money into the economy." "When you have stable communities, safe communities, and more environmentally resilient communities, that's good for the economy, ergo it’s good for our credit rating," Nassau County Executive Laura Curran said, noting the county's efforts to rectify chronic credit issues. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.