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N.J. budget: 5 things you need to know about the new deal between Murphy and top Dems

“The sales tax isn’t going up Murphy wanted to revert the state’s sales tax to 7 percent from its current 6.625 percent rate” writes Nj Advance Media for nj.com. Phil Murphy and fellow Democrats who control the state Legislature reached a state budget deal Saturday evening, capping more than four months of drama ahead of the June 30 budget deadline.Murphy said he will sign a bill to overhaul the state’s school funding formula.Here are five things you need to know about the new budget deal: Technically the state will blow past…

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Fayetteville looks at $15.5 million budget, a 14% increase

“The first read of the Fayetteville 2019 General Fund budget totaling $15.482 million was held at the June 21 meeting of the Fayetteville City Council” writes Ben Nelms for thecitizen.com. The 2019 budget represents a $1.94 million increase over the previous year, with revenues increasing by that amount.In terms of expenditures, public safety accounts for the largest increase, totaling $1.46 million, followed by general government at $166,052.Significant areas of increase include $1.474 million in sales and property taxes and $593,000 in intergovernmental sources such as the firefighter SAFER grant. The…

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This is how Larry Kudlow defines a falling deficit

“In May itself, the deficit was $146.8 billion, vs. a deficit of $88.4 billion in the year-earlier May” writes Robert Schroeder for marketwatch.com. President Donald Trump’s economic adviser Larry Kudlow said Friday that the U.S.’s budget deficit is “coming down rapidly” — something that’s not reflected in the latest data from the Treasury Department. Growth solves a lot of problems.” A White House spokeswoman didn’t immediately return a request for comment about Kudlow’s characterization of the deficit.In April, the nonpartisan Congressional Budget Office predicted the U.S. would run a deficit…

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Public gets a say in $52.66 million Fayette budget

“Revenues for the proposed general fund budget for 2019 total $52.66 million, while expenditures and other uses total $52.122 million, resulting in a $540,250 positive impact to the General Fund” writes Ben Nelms for thecitizen.com. The current general fund budget as adopted totaled $50 million.The expected $540,250 fund balance for 2019 will be added 2018 fund balance of $29,144,510, for a total of $29,684,760.The proposed budget includes 14 new full-time equivalent positions and 3.75 part-time equivalents.It is significant that the fund balance is included in the general fund. Source: thecitizen.com Share…

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Dutch finance chief opposes latest Franco-German push to bolster euro area

“However, the Dutch finance minister, Wopke Hoekstra, told reporters Thursday that he is against the idea of a common euro zone budget” writes Peter Parks – for cnbc.com. “The question truly is what is the problem we would solve with (a euro zone budget),” he said.This included the creation of a euro zone budget in 2021 that would be funded by tax resources with the aim to make the entire euro area more competitive.Euro zone finance ministers are meeting in Luxembourg on Thursday to discuss reform.Earlier this week, France and…

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Trump picks budget aide to replace Mulvaney as CFPB head

“President Trump will nominate budget aide Kathy Kraninger to be the director of the Consumer Financial Protection Bureau, a White House official said Saturday” writes Ap Photo Susan for washingtonexaminer.com. If confirmed, she will replace Mick Mulvaney, Trump’s budget director who has been running the watchdog agency on an acting basis. Source: washingtonexaminer.com Share This:

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Trump to name nominee to steer U.S. lending watchdog next week

“Mulvaney has directed Bureau of Consumer Financial Protection staff to propose cuts that would reduce the agency’s budget by 20 percent” reports autonews.com. For next year, Mulvaney said he has directed the staff to propose cuts that would reduce the agency’s budget by 20 percent.Trump met with at least one finalist for the post in recent days, said Mulvaney, who also serves as Trump’s budget chief.The changes have roiled a watchdog that had been a scourge of the financial industry under former President Barack Obama.The bureau was conceived after the…

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Louisiana’s latest tax special session to begin June 18

“John Bel Edwards is calling lawmakers back to the Louisiana Capitol on June 18 for the third special session this year aimed at replacing expiring taxes to avoid deep budget cuts” writes Melinda Deslatte for seattletimes.com. Louisiana is expected to bring in $648 million less in the budget year that begins July 1, because of expiring temporary taxes.With the new budget year only three weeks away, Edwards is hoping to broker a tax deal with House Republican leaders who disagree with him on how much money should be raised. Source: seattletimes.com…

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Boost in spending for homelessness in budget deal reached by governor, legislative leaders

“Last month, Brown proposed a $199.2-billion budget for the fiscal year that begins July 1” writes Liam Dillon for latimes.com. That spending plan proposed that a large portion of the state’s current income tax windfall be socked away into a rainy-day reserve fund, filling the fund earlier than had been expected.Democrats in both the Assembly and Senate agreed with earmarking money for the reserve fund. Early information on the budget agreement did not include details on exactly how much money will be set aside. Source: latimes.com Share This:

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