California Rollercoaster
State and Local Governments Prepare for the Ride
Revenue volatility, climate events, and demographic shifts: what does the next year look like for California?
California and its local governments have healthy finances, but also face challenges in the next year, from revenue volatility to natural disasters. Is the state at a cyclical peak? We will dive into what to watch in the coming year.
- State revenue is slowing from extreme highs as income taxes are down. But the state intends to hold onto its reserves through the coming year.
- Demographic challenges are routinely highlighted in news reports. How serious are these?
- Natural disasters of various types are occurring with greater frequency. How is local government credit quality holding up?
- The state’s largest cities power a massive economic base. How will hybrid/remote work affect these cities?
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SpeakersEmily Raimes Associate Managing Director - Public Finance Group Moody's Investors Service
Eric Hoffmann Associate Managing Director - US Public Finance Group Moody's Investors Service
Matthew Butler Vice President - Senior Credit Officer, US Public Finance Moody's Ratings
Maddie Atkins Analyst Moody’s Investors Service
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Emily Raimes is an Associate Managing Director in Moody’s Investors Service Public Finance Group, overseeing the global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide.
Previously, she managed the States Team, covering state credits across the US. Prior to joining Moody’s in 2006, Emily spent seven years at the New York City Office of Management and Budget, working primarily in Economic Analysis. Emily holds a BA degree in government from Wesleyan University and a Master’s in Public Administration from New York University.
Eric Hoffmann is a Senior Vice President and Manager for the San Francisco Local
Governments Ratings Team. He manages a team of analysts covering credits primarily
for California’s highest profile local governments and essential purpose enterprises.
Eric is a senior member of Moody’s Rating Committee and a member of the firm’s
Public Finance Franchise Committee, which establishes the firm’s US public finance
rating methodologies.
Prior to joining Moody’s, Eric held positions in economic and policy consulting in
Washington D.C. and with the California Governor’s Office of Policy and Research in
Sacramento. Eric holds an MPP from the University of California at Berkeley and an
undergraduate degree in Economics from the University of Maryland.
Matthew Butler is a Vice President-Senior Credit Officer on the US State Ratings Team. He is lead analyst for several states, including California and Pennsylvania. He spent over seven years as a local government credit analyst and was previously lead analyst for the cities of Chicago and Detroit as well as others throughout the Midwest. Prior to joining Moody’s, Matthew was a budget analyst with the State of Michigan and an analyst with the Government Accountability Office in both Washington, DC and Chicago. Matthew holds an MPP degree from the University of Massachusetts and an undergraduate degree from Michigan State University.
Maddie Atkins is an Analyst for the San Francisco Local Governments Ratings Team covering credits primarily in Arizona, California, Idaho, Nevada, Oregon and Utah. Maddie serves as the lead analyst for local government credits in Nevada. In addition to her analytical work, Maddie contributes to research on water in the western US.
Prior to joining Moody’s, Maddie was a Financial Consultant with Carollo Engineers. Maddie holds a Master of Environmental Management with a focus in Water Resources Management from the Nicholas School of the Environment at Duke University and BA degrees in Geology and Environmental Studies from Case Western Reserve University.