Yvette Shields

The scale of the pension crisis for Chicago area governments and state has been underscored by recent ratings actions and various local and national watchdog reports warning of the crippling effect on governments' ability to fund basic services and stave off credit deterioration.

The new Minnesota Sports Facilities Authority, which will own and operate the new partially bond-financed Vikings stadium, held its first meeting on Friday and picked Ted Mondale as its chief executive officer.

Illinois' net assets deteriorated in fiscal 2011 by $6.3 billion, bringing its deficit in the financial reporting category to $43.8 billion.

Fairview Health Services got hit with a downgrade from Moody’s Investors Service and a warning of further negative action due to fiscal 2011 operating losses and potential fallout from the state attorney general’s probe into its bill collection practices.

Gov. Pat Quinn this week signed legislation that establishes the position of state actuary to provide oversight of Illinois’ five pension funds.

Illinois Gov. Pat Quinn last week signed sweeping health care legislation that dramatically eases the Medicaid funding burden on state coffers while defusing a fiscal threat posed to not-for-profit hospitals.

Illinois Gov. Pat Quinn last week signed sweeping health care legislation that dramatically eases the Medicaid funding burden on state coffers while defusing a fiscal threat posed to not-for-profit hospitals.

Moody's Investors Service pushed Detroit further down into junk-bond territory over escalating political risks that challenge the beleaguered city's ability to give its fiscal consent agreement with Michigan enough time to stabilize the city's finances.

An Ingham County, Mich., Circuit Court judge threw out a lawsuit challenging Detroit's consent agreement with Michigan, allowing the city to narrowly avert a cash crisis that threatened its ability to make a Friday bond payment.

CHICAGO – Standard & Poor’s said in a special report Wednesday that its B rating on Detroit’s limited-and unlimited-tax bonds remains unchanged following an Ingham County, Mich., Circuit Court judge’s dismissal of a lawsuit challenging the city’s consent agreement with Michigan.

CHICAGO — North Dakota voters overwhelmingly rejected a ballot measure Tuesday to abolish property taxes, allowing local governments to breathe a sigh of relief, since the measure had posed a challenge to their fiscal and debt management.

A court hearing is set Wednesday morning on a lawsuit filed by Detroit’s top lawyer challenging the two-month old consent agreement with Michigan designed to stabilize Detroit’s finances.

Fitch Ratings slapped a beleaguered Detroit with a downgrade to CCC Tuesday as Mayor Dave Bing ordered the city’s top lawyer to drop a lawsuit challenging the two-month old consent agreement between the city and Michigan.

Charity care is on the rise at Missouri hospitals and that increase is not expected to abate due to lower Medicaid enrollment and job losses due to the economy, according to a report released last week.

Proctor Hospital’s rating has sunk deeper into junk-bond territory and the Illinois health care provider could still fall further due to its ongoing operating struggles.

Dixon, Ill., has sued the city’s auditors for failing to uncover former Treasurer Rita Crundwell’s alleged embezzlement of more than $50 million.

CHICAGO — The Regional Transportation Authority of Illinois will sell $300 million of two-year working cash-flow notes Wednesday, rolling over some existing short-term paper while also raising funds to weather the state’s chronically late aid payments.

First-term Chicago Mayor Rahm Emanuel is banking on billions of infrastructure investment and government operating reforms, with some help on both fronts from the private sector, to help re-invigorate the city's economy.

CHICAGO – A review of secondary market trade data and credit default swap spreads on Wisconsin paper detected some market anxiety leading up to Tuesday's recall election of Gov. Scott Walker, but it did not reveal any widespread angst or change in the value of a state general obligation bond, according to figures compiled by Interactive Data Corp.

CHICAGO – State and local governments will need to muster attention on the federal threat to tax-exemption and should seize upon the sea change of public support to tackle tough issues like retirement benefit cuts afforded by the fiscal struggles of recent years.