Cosponsored with Chesapeake Bay Funders Network, Children Youth & Family Funders Roundtable, Council of New Jersey Grantmakers, Economic Opportunity Funders, Environmental Grantmakers Association, Funders Together to End Homelessness, Grantmakers Concerned with Immigrants and Refugees, Grantmakers for Thriving Youth, Maryland Philanthropy Network, Philanthropy New York, United Philanthropy Forum, and Workforce Matters
The pandemic and economic fallout are placing significant strains on state and local budgets, costing millions to contain the disease and driving sharp declines in income and sales tax revenues. State budget shortfalls are predicted to total to a cumulative $555 billion over state fiscal years 2020-2022. This does not include the additional shortfalls local and tribal governments and US territories face. Unlike the federal government, most states and localities must balance their budgets every year. Large budget shortfalls, dwindling rainy day funds, and insufficient federal relief will leave policymakers facing tough choices about raising taxes and fees, cutting spending on critical programs like education and health care, and imposing layoffs on public employees. We know from experience how deep spending cuts and long-term austerity policies can slow down the recovery and cause further harm to families and communities, with disproportionate impacts on immigrants, tribal nations, communities of color, and women.
On this webinar, participants learned more about the state and local fiscal crisis, lessons learned from the Great Recession, key principles for an equitable response, and how state and local advocates are gearing up for the budget battles to come. Speakers included Marcela Díaz of Somos Un Pueblo Unido, Julie Gonzales of the Colorado General Assembly’s Senate Finance Committee, Caitlin Hamood of the Stoneman Family Foundations, and Erica Williams of the Center on Budget and Policy Priorities.