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Newark, New Jersey Fiscal Justice Analysis
Introduction This report outlines the fiscal justice analysis—which is our intersectional approach to fiscal health and racial justice —for Newark, New Jersey. New Jersey’s state and local government credit ratings serve as a core component of the...
Wharton study quantifies impact of Fiscal Justice indicators
Since 2015, Activest has been a leading voice in acknowledging the materiality of Fiscal Justice in municipal finance. Fiscal justice is Activest’s multilayered, critical analysis of the equity of municipal budgets—measured at the intersection of fiscal health and...
ESG factors in municipal finance
nLocal governments differ in the environmental, social, and governance (ESG) outcomes they provide their residents, such as rates and distribution of toxic emissions, incarceration, and health outcomes. These outcomes are related to the quality of life of residents...
‘Fiscal Justice Ratings’ Fight Police Brutality With Finance
A new project aims to incorporate the cost of lawsuit settlements and inequality when rating municipal bonds.nNapoleon Wallace, a bond analyst and municipal budget wonk, sees disaster in the finances of America’s largest cities where others do not.nRead the full story...
Flint Water Settlement Bonds: A Fiscal Justice Analysis Brief
nIntroduction Seven years after the Flint water crisis, the state of Michigan recently announced plans to payout $600 million to the residents of Flint to settle lawsuits filed against the State. Yet before the bond goes to market, there are a number of unresolved...
Social Justice Bonds & Equitable Infrastructure Report
Public works and infrastructure development, while designed to enhance the viability and quality of life for cities, have historically fueled inequities, benefiting some residents while neglecting or actively harming low-income and BIPOC communities. Social Justice...
In the news
Agent of Impact: Napoleon Wallace, Southern Reconstruction Fund: Restorative capital for Black wealth
nNapoleon Wallace’s presence was all over the recent Mission Investors Exchange conference in Baltimore. …As the co-founder of Activest, which showcased its “fiscal justice” strategy to center racial equity in fixed-income investments. …As a founding...
The 2022 Joan Bavaria Award is presented to co-founder Napoleon Wallace
nCeres and Trillium Asset Management were deeply honored to present the 2022 Joan Bavaria Award to Napoleon Wallace at Evening with Ceres. Napoleon is a pioneering leader and strategic thinker who has launched, led, and advised numerous successful impact-focused...
Out of the Frying Pan and Into the Line of Fire: How Minnesota Cities Are Displacing People of Color and How the Suburbs Are Killing Them
nIn this report: Data overview on Brooklyn Center’s fiscal justice issues (which we define as issues at the intersection of fiscal health and racial justice)The Activest theory of change and organizing tactics & strategies for leveraging municipal bondholders in a...
Newark, New Jersey Fiscal Justice Analysis
nIntroduction This report outlines the fiscal justice analysis—which is our intersectional approach to fiscal health and racial justice—for Newark, New Jersey. New Jersey’s state and local government credit ratings serve as a core component of the state’s public...
New Jersey Fiscal Justice Credit Analysis
nHow is the State of New Jersey and its municipalities allocating resources to its services and citizens? How are these governance decisions being factored into credit risk? This Fiscal Justice Analysis is the intersection of a racial justice and fiscal health...
Racial Justice Initiatives Could Give Louisville Metro Budget a $90 Million Boost, Analysts Say
nIn a municipal bond sale dated April 21, 2022, the Louisville/Jefferson County Metro Government in Kentucky borrowed $212 million from investors. It was a “general obligation bond” sale, meaning the metro government will repay the bonds out of local tax...
Fiscal Justice Analysis in Louisville, KY Finds Hidden $90M in Potential Losses and Costs
nSocial injustices like overpolicing, displacement and lack of investment in communities of color are costing municipalities and their bondholders more than you think. In Louisville, KY we found $90M in waste, foregone revenue and added expenses—almost totaling up to...