Yvette Shields

The Police and Fire Retirement System lacks authority to shift to a 20-year amortization of unfunded legacy liabilities from the 30-year term laid out in the city's bankruptcy exit plan, according to a judge's ruling that eases one fiscal pressure point for the city.

The early redemption plan saves the state $266 million in interest payments and allows pull-tab gambling revenue to flow to the general fund.

The task force expects to "form sub-groups to address specific pension issues and dedicated revenue as part of a comprehensive and balanced approach."

The gap next year is up from the $18.2 million shortfall projected heading into the fiscal 2023 budget season but down from the $121.4 million projection in 2022 and the expected near-record $410 million hole that loomed in 2021.

Jack Brofman will start at the University of Chicago July 17 as executive director of global treasury operations.

Clare Oaks' history of fiscal struggles resulted in two bankruptcy filings, the most recent leading to a bond exchange in 2020.

If approved by the local governing bodies, Milwaukee could raise nearly $180 million more annually from the new sales tax and the county $80 million from a hike, according to estimates.

CPS expects to close the current fiscal year with a clean slate on short-term borrowing for a second year in a row but it will still rely on TANs to manage liquidity throughout the next fiscal year.

"Stakeholders believe the best solution is to utilize the bankruptcy process to run a marketing and sale process," Friendship Village of Schaumburg said in a statement.

The report provides the first step in assessing what level of benefit enhancement is needed before further state action is taken on Tier 2 pension benefits.

Nuveen's investment featured prominently in a settlement ending Preston Hollow's four-year legal pursuit of Nuveen for using what one judge labeled as "lies" and "threats" to damage its access to deals.

The City-County Council signed off on up to $625 million of borrowing for a city-owned convention center hotel after a developer-financed plan fell through.

Cook County, local governments, transit agencies, and the education and hospital sectors all benefit from bills passed by Illinois lawmakers.

The system is incorporating some floating-rate risk into its fixed-rate debt portfolio to allow for strategic flexibility after its new hospital campus opens.

BJC HealthCare and Saint Luke's Health System signed a letter of intent to form an integrated not-for-profit Missouri-based health system.

State legislation that increases Milwaukee's revenue prospects falls short of what the city needs to manage rising pension and other costs, Fitch Ratings said.

"We are looking for parity with what's in Joliet contract. That is what would successfully allow us to work with the city of Chicago and that would make that alternative the preferred alternative over a new source water project," the commission's Paul May said.

To date, 332 of the 357 funds have transferred approximately $9.1 billion in assets to the consolidated fund, with most holdouts participating in the lawsuit.

All constitutional options need to be on the table, state Sen. Robert Martwick said, including fund consolidation, pension obligation bonds, new taxes and more.

"It's positive to see the proposed budget relies on fairly conservative revenue assumptions and provides additional funding for pensions and education," Molly Shellhorn, senior research analyst for municipals at Nuveen said.