Yvette Shields

Fitch Ratings late Friday socked Chicago's general obligation rating with a triple-notch downgrade over its mounting pension woes and lack of a solution to date.

Illinois lawmakers wrapped up their annual veto session Thursday without acting on a state pension fix, but they did pass a pension overhaul for the Chicago Park District that is being labeled a framework for potential city changes.

Illinois cleared out its previous fiscal year's bills at the quickest pace since 2009 but its fiscal position could deteriorate as bills are again mounting and the income tax windfall of last April won't be repeated, the state comptroller warns in quarterly report.

The Chicago Infrastructure Trust settled on a model for its inaugural financing but may miss its goal of closing on $27 million deal by the end of the year.

Illinois expects to collect $369 million more in revenue than previously estimated by the end of the current fiscal year, according to new estimates.

Illinois legislative leaders reported "progress" on a fix for the state's underfunded pension system, but not enough to pass legislation this week during the General Assembly's annual veto session.

The Illinois State Toll Highway Authority plans to borrow $900 million of new money next year to help support its 15-year, $12 billion capital program.

The Minneapolis City Council is expected to vote later this month on the city's agreement with the National Basketball Association's Minnesota Timberwolves on a $97 million renovation plan for the city-owned Target Center arena.

The Wisconsin Center District Board has decided to undertake a study on whether it makes financial sense to expand Milwaukee's downtown convention center.

Moody's Investors Service downgraded $10.8 million of certificates of participation issued for a Chicago tax-increment financing district two notches to the lowest investment grade level, Baa3.

Illinois' unfunded pension obligations have hit the $100 billion mark for the first time based on fiscal 2013 results that showed further deterioration, according to a new Civic Federation of Chicago report.

Chicago plans more than $1.5 billion of borrowing next year but it will come at a higher cost due to credit deterioration over its pension woes, Chicago's chief financial officer Lois Scott warned council members.

The largest of the Illinois' five state pension funds reported its unfunded obligations rose in fiscal 2013 to $55.7 billion from $52.1 billion a year earlier despite double-digit investment returns.

The Regional Transportation Authority of Illinois wants the state to expand its borrowing powers and reduce those of the Chicago Transit Authority, which disagrees.

Chicago Mayor Rahm Emanuel and a group of City Council members last week advanced plans for the new City Council Office of Financial Analysis to provide the council with independent analysis.

Illinois Comptroller Judy Baar Topinka launched a new database to make local governments' financial information and records more easily accessible to the public.

Moody's downgraded the Chicago Transit Authority's sales tax rating, citing escalating capital needs and an unfavorable political landscape to raise revenue as the city and state grapple with pension woes.

A Minnesota city and investors holding $26.4 million of defaulted revenue bonds for a broadband network have a settlement agreement.

Chicago Mayor Rahm Emanuel unveiled a balanced budget overshadowed by his dire warning that the city faces a "fiscal cliff" a year from now without state action on pension reforms.

Chicago Mayor Rahm Emanuel unveiled a $7 billion 2014 budget Wednesday that relies on natural tax growth, spending cuts, savings from management initiatives, a cigarette tax hike, and increases in other fines and fees to fund new investments and erase $339 million of red ink.