BG Reads | News You Need to Know (October 19, 2022)
[AUSTIN METRO]
Austin’s next mayor will serve two years, not the usual four (KUT)
The first tenure of Austin’s next mayor will be cut in half because of a measure backed by voters in 2021.
Proposition D passed last year with more than two-thirds of the vote. The prop, which got on the ballot after a petition effort, moves the city’s mayoral elections to the same year as presidential elections.
The intent? To Increase voter turnout in mayoral elections. In 2016, nearly 65% of Austin voters cast a vote, while fewer than 62% did in 2018.
So, Austin voters will pick a mayor in 2022. And then again in 2024.
“I think that most folks might not be aware of it,” said Andrew Allison, who worked for the group behind the prop, Austinites for Progressive Reform.
The group collected enough signatures last year to get five propositions on the ballot, all aimed at changing parts of Austin’s government. The majority of voters supported just two of the propositions, including moving mayoral elections to the same year as presidential and adopting ranked-choice voting for local elections.
Candidates elected as mayor or one of Austin’s 10 council members can serve two four-year terms — assuming they win re-election. They can serve longer, though, if they collect enough signatures to get on the ballot again; this is what District 9 Council Member Kathie Tovo in order to run in 2018… (LINK TO FULL STORY)
District 3 Council candidates chat with the ‘Monitor’: Part II (Austin Monitor)
Council Member Pio Renteria has served District 3 as a lifetime resident and community activist. After two terms, he’s stepping down. The candidates vying for his seat have taken on community engagement roles through education and local committees while others have budget ideas through backgrounds in sales and accounting.
It’s a crowded race with six candidates. Top of mind for many are affordability issues, and the candidates also shared the approaches they’d take on policing, housing and climate… (LINK TO FULL STORY)
Election Q&A: Meet the candidates running for Travis County judge (Community Impact)
This election season there two candidates are running for Travis County judge, including Democrat incumbent Andy Brown and Republican candidate Rupal Chaudhari.
Early voting for the Nov. 8 election will run from Oct. 24-Nov. 4… (LINK TO FULL STORY)
COTA expects another record turnout for 10th F1 race (Austin Business Journal)
It was right around this time last year that Formula One’s growth in the U.S. became clear, as Circuit of The Americas was preparing to host a record crowd and ESPN was reporting spiking ratings. Now, a year later, F1 returns to COTA as a more established property in America and one seeking to take its business to the next level.
Bobby Epstein, chairman of COTA, expects that the track will host well over 400,000 people during the three-day weekend starting Oct. 21 and break its own attendance record with the F1 Aramco U.S. Grand Prix. COTA and the city of Austin have made infrastructure and logistical improvements around the venue to improve massive wait times experienced last year for things like fan shuttles.
The track this year is celebrating its 10th anniversary of hosting F1, after it did so for the first time in 2012. The 2020 race was canceled because of Covid and a new contract was inked in February through 2026… (LINK TO FULL STORY)
New numbers: It's the roaring '20s in Austin — for now (Austin Business Journal)
The Austin area is expected to have the second-fastest growing economy in the U.S. in 2022, trailing only San Francisco.
Central Texas is projected to see economic growth of 4.3% this year, according to a new report from the Kenan Institute of Private Enterprise at the University of North Carolina Kenan-Flagler Business School. After San Francisco and Austin, Seattle, Raleigh and Dallas round out the top five in terms of what the report calls GDP growth but others call GMP growth — that is, gross domestic product or gross metropolitan product. In either case, it translates to the value of all goods and services sold in a metro area for a specific year… (LINK TO FULL STORY)
Growth is increasing in San Marcos. Here's how City Council candidates plan to address it (Austin American-Statesman)
San Marcos, sandwiched between San Antonio and Austin and home to a large university, recorded a population of 44,894 in 2010. That number jumped about 50% to 67,553 in 2020, according to census data. About a third of those families live in poverty, data show, underscoring the need for more affordable housing options.
With the changes have come growing pains, such as vigorous development and more traffic congestion, all while residents fight to preserve the area’s natural beauty.
City Council candidates on the ballot Nov. 8 say they would approach growth challenges by creating more jobs, improving transportation and mobility, and responsibly increasing housing, economic development and green space… (LINK TO FULL STORY)
[TEXAS]
Texas commission recommends tying community colleges’ state funding to their performance (Texas Tribune)
A commission charged by the Texas Legislature to suggest new ways of financing the state’s community colleges unanimously approved its recommendation Tuesday that lawmakers tie state funding to how successful schools are at getting students to graduate or transfer to four-year universities.
The Commission on Community College Finance made minor changes to the draft recommendations initially released last month. That report included the suggested shift to an outcomes-based funding model, but also recommended that the state provide schools more funding for students who are considered more difficult to teach (such as low income or academically unprepared students), increase the pot of financial aid for community college students and financially help schools meet demand for certain programs as the state’s population grows.
The recommendations will now be handed to the Texas Higher Education Coordinating Board, which must submit its final report to lawmakers by Nov. 1 and start drafting detailed legislation to be introduced during next year’s legislative session… (LINK TO FULL STORY)
Trump to hold rally in South Texas two days before early voting (Texas Tribune)
Former President Donald Trump is holding a rally in Texas two days before early voting starts for the November election.
The rally will be Saturday in Robstown, outside Corpus Christi on the Gulf Coast. Republicans are targeting districts in the area as they try to take over South Texas’ congressional seats.
The rally will start at 7 p.m. at the Richard M. Borchard Regional Fairgrounds, according to a media advisory. Trump's team announced Tuesday that additional speakers would include Lt. Gov. Dan Patrick and Attorney General Ken Paxton. Gov. Greg Abbott said he would not be able to attend due to an out-of-state fundraising trip… (LINK TO FULL STORY)
[NATION]
The IRS is increasing the standard deductions for 2023 as inflation intensifies (NPR)
The Internal Revenue Service is increasing its inflation adjustments for the 2023 tax year after prices for rent, groceries and gas have reached heights not seen in 40 years.
The announcement of adjustments is an annual occurrence, but in a year of high inflation, the move to raise the standard deduction and income thresholds where tax rates take effect may mean savings for people in all income brackets… (LINK TO FULL STORY)
Los Angeles council tries to get back to business after leaked tape scandal (Politico)
Many Americans who spent years socking away enough money for a down payment to buy a house are now waiting on the sidelines until mortgage rates or home prices drop.
Fannie Mae forecasts that mortgage lenders will complete 49% fewer single-family-home loans in 2022 than 2021. With mortgage rates pushing 7% and home prices still high, buyers often park their down-payment money in low-yield accounts, financial advisers say. While relatively safe, the funds often collect more dust than interest… (LINK TO FULL STORY)
[HEARINGS/MEETINGS]
Wednesday
Thursday
[BG PODCAST]
Episode 168: Market Talk - Lobbying in Philadelphia with Mustafa Rashed of Bellevue Strategies
Today's episode (168) features a discussion on entrepreneurship and lobbying with Mustafa Rashed, Founder and President, of Philadelphia-based Bellevue Strategies.
He and Bingham Group CEO A.J. also discuss current municipal issues in the Philadelphia market.
Enjoyed this episode? Please like, share, and comment!