Caitlin Devitt

Indiana Gov. Mitch Daniels this week announced he would cut K-12 funding by nearly $300 million in 2010.

Fitch Ratings last week downgraded to A from A-plus roughly $1.24 billion of debt issued on behalf of the Indianapolis Airport Authority.

For the first time in its 53-year history, the village of Schaumberg, a suburb of Chicago, will impose a property tax.

CHICAGO — Gov. Jennifer Granholm said she will consider revamping Michigan’s tax structure next year as the state finishes what she called one of the worst years in its history.

Ohio Gov. Ted Strickland this week warned he would call a special session over the holidays if legislators are not able to fill an $850 million hole in the state's two-year budget by the end of the week.

Robert W. Baird & Co., Michigan's financial adviser, continues to expand its public finance presence with the opening of a new office in Lansing.

A bill introduced to the Ohio House last week seeks to build the rainy-day fund by capping at 25% the amount that can be transferred to the general fund.

Cuyahoga County last week passed a $1.4 billion all-funds fiscal 2010 budget that was balanced through a series of across-the-boards cuts, many over 10%.

A plan to build a light-rail system along one of Detroit's thoroughfares advanced with the passage of the federal government's 2010 omnibus spending bill.

Detroit Public Schools today is expected to price roughly $325 million of federal stimulus bonds that will finance a capital campaign that city leaders hope will help rebuild both the struggling district's buildings and its reputation.

CHICAGO — The Indianapolis Local Public Improvement Bond Bank tomorrow or Wednesday plans to price $112.3 million of notes to cover short-term cash-flow deficits for the city, Marion ­County, and the Indianapolis-Marion County Public Library.

CHICAGO — Michigan captured a 0.53% interest rate on its Tuesday pricing of $1.25 billion of short-term notes, the lowest interest rate ever on a state cash-flow borrowing.

CHICAGO — After three years working in government and for large public finance law firms, attorneys Lance Tyson and Donsia Strong Hill have re-formed their former public finance practice with an eye toward winning work from governments looking to keep lean amid the weak economy.

CHICAGO — Ohio’s House Committee on Economic Development yesterday held the first of three hearings on a measure that would allow the state to issue up to $1.5 billion of general obligation bonds to renew a popular jobs program.

CHICAGO — Michigan’s House Appropriations Committee will hold a hearing today on a bill that would allow Detroit to sell $250 million of fiscal stabilization bonds to help erase the struggling city’s deficit.

Fitch Ratings revised its outlook to negative from stable on Akron’s limited-tax general obligation debt, income tax debt, and certificates of participation. It also affirmed its AA-minus rating on the limited-tax GO debt, its A-plus rating on the income tax bonds, and its A rating on the COPs.

Cuyahoga County commissioners last week approved a proposal to sell $181 million of bonds, $130 million to finance construction of a juvenile justice center and about $50 million other projects.

Fitch Ratings this week downgraded its rating to BBB-minus from BBB-plus on the Summit County Port Authority bond fund’s outstanding $40.2 million of revenue bonds. The debt remains on negative negative at the lower rating.

CHICAGO — Michigan today will price $1.3 billion of fixed-rate notes as part of its annual borrowing to cover expenditures throughout the fiscal year as its awaits an influx of revenue.

CHICAGO — Indiana has suffered 14 straight months of falling revenues, prompting Gov. Mitch Daniels to again ordered a round of spending cuts — this time targeting higher education and contributions to employees’ deferred compensation accounts.