Yvette Shields

IIlinois Gov. Bruce Rauner’s proposed fiscal 2018 budget banks additional tax revenue from the so-called “grand bargain” to fund $37.3 billion of spending.

Calling passage of a compromise budget plan a matter of “political will,” Illinois Gov. Bruce Rauner offered his support for an income tax increase and expanded sales tax as long as the deal permanently freezes local property taxes, caps spending, and overhauls worker’s compensation.

The Chicago Board of Education and a group of parents sued Gov. Bruce Rauner and the Illinois Board of Education, charging that the state’s funding system discriminates against its mostly minority student population.

Multiple tax hikes, strict spending limits, and borrowing to pay off old bills are all needed to dig Illinois out of its deep fiscal hole, the Chicago Civic Federation warned.

Chicago is stepping up a long-stalled effort to establish an express rail service from downtown Chicago to O'Hare International Airport, its mayor said.

St. Louis voters will decide whether to raise taxes to fund a light-rail expansion and other projects and to cover the city's contribution for a new professional soccer stadium.

Wisconsin Gov. Scott Walker laid out a two-year, $76 billion budget that offers a mix of tax cuts, more school funding, and the lowest bonding authorization in years.

The Illinois Senate passed along party lines three of the 11 bills that make up a proposed “Grand Bargain” budget fix before a fourth on pension reforms failed as a rift over the timing of the votes prompted Republicans to yank their support.

Chicago-based Mesirow Financial Inc. is tapping its capital markets division president Dominick Mondi to serve as company president.

Tucked into the Illinois Senate's "Grand Bargain" budget legislation is a bill to authorize a new type of local government bond that would benefit Chicago and other home rule communities.

Chicago Public Schools froze $46 million in discretionary funds it distributes to schools and $5 million in administrative spending as the distressed district struggles to close a gap left by Gov. Bruce Rauner's veto of $215 million in state aid for teachers' pensions.

St. Louis is hoping the courts will allow voters to decide this spring tax increase proposals to fund a light-rail expansion and other projects and to cover the city’s contribution for a new professional soccer stadium.

Illinois faces junk ratings without a solution to the state’s 19-month-old budget stalemate, Senate President John Cullerton warned in a speech.

Illinois lawmakers will return to work after another rating downgrade, with warnings of more to come as the state enters its 19th month without a full budget.

Illinois Gov. Bruce Rauner named former state Comptroller Leslie Geissler Munger to the post of deputy governor.

Peoria, Ill., its school district, and local county credits are expected to withstand the blow of Caterpillar Inc.’s decision to move its headquarters to downtown Chicago, S&P Global Ratings said.

Illinois was downgraded to BBB from BBB-plus by Fitch Ratings, which left the rating on a negative rating watch.

Fitch Ratings issued a report to criticize Moody’s Investors Services’ recent assessment of Chicago Public Schools.

Underwriters interested in working on nearly $1 billion of planned borrowing by the Illinois State Toll Highway Authority over the next three years have until Friday to apply.

Chicago’s widening spread penalties may not ease until the state cleans up its budget mess and Chicago Public Schools shores up its rocky finances, because investors are wary of overlapping credit cluster risk.