Illinois

Governance decisions and rapidly escalating deficits contributed to Moody's decision to cut Illinois Tech's rating two notches to speculative grade.

Illinois lawmakers' research arm projects more revenue in the current budget year but warns budget writers to proceed with caution in the next.

The state's once-depleted rainy-day fund that's now on track to hit nearly $2 billion this year would receive automatic deposits when two financial metrics are hit under pending legislation.

Paul Vallas, a former city budget director and public schools chief, and Brandon Johnson, a Cook County commissioner and teachers' union organizer were the two top vote-getters in Tuesday's election sending them to an April runoff.

Sarah Wetmore, its VP and research director, will lead the organization while the board searches for a permanent president following Laurence Msall's death.

Chicago's school district will tap its investment-grade dedicated capital improvement tax credit for the first time in five years in a $529 million deal.

A key consideration in the upgrade was the state's recent actions in both addressing longstanding obligation repayments and rapidly repaying obligations taken on during the pandemic-induced recession, S&P said.

Earlier in the pandemic, bond values showed a greater divergence among local government issuers tracked, but that has reverted to pre-pandemic levels, although work-from-home and other uncertainties still take a toll.

A panel that includes public finance professionals is tasked with finding fiscal and operational solutions for the transit systems, which face a fiscal cliff.

Gov. J.B. Priztker touted the state's fiscal progress in his combined budget and state of the state speech.