Yvette Shields

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.

With Ill. Gov. Pat Quinn, Chicago, other local governments, and bond investors all clamoring for action on the state's unfunded pension obligations, the General Assembly convened its brief annual veto session Tuesday with little indication that it is ready to tackle the issue.

Underwriters, financial advisory and law firms interested in working on Illinois' bond deals over the next several years have until Nov. 4 to submit their qualifications to win a spot on in the state's updated pools.

Chicago last week officially unveiled its newest $1.3 billion runway under its ongoing $8 billion O'Hare Modernization Program.

The Illinois Supreme Court last week overturned the state's two-year-old internet tax finding it violated federal law.

Wisconsin Gov. Scott Walker signed into law a $100 million property cut that won swift passage with little debate.

Triple-A Northwestern University in Illinois plans to offer nearly $600 million of taxable debt to raise new money for ongoing capital work and refund some now callable debt for savings.

llinois and Indiana's plan to build a controversial $1.3 billion toll-road through public private partnerships cleared a key hurdle as an Illinois-based regional planning committee voted to include the project in the area's long-range plan.

The Securities and Exchange Commission is investigating Chicago-based UNO Charter School Network for potential securities violations tied to its October 2011 $37 million bond issue.

Minnesota will wrap up its new-money general obligation borrowing for the year in a sale Tuesday of up to $767 million that includes a refunding piece before shifting gears to financing the new Minnesota Vikings professional football stadium.

Wisconsin is asking financial advisory firms interested in helping the state evaluate its assets for possible sale or lease to submit their qualifications by Nov. 1.