Illinois

If state lawmakers and Gov. Bruce Rauner can’t resolve their differences over a fiscal 2016 budget, the Illinois Hospitals Association is urging them to adopt a temporary spending plan.

Most payments by the Illinois state government will halt if Gov. Bruce Rauner and the General Assembly’s Democratic majority can’t break a logjam over a new budget.

Illinois Gov. Bruce Rauner has extended fiscal aide Donna Arduin’s contract with the administration locked in an impasse over the fiscal 2016 budget with the legislature’s Democratic majority.

The potential liquidity crisis triggered by another rating agency’s downgrade to junk was a short term headache Chicago could handle, according to the Kroll Bond Rating Agency, which affirmed the city.

The Illinois Senate returns to work Tuesday for a discussion on the state’s property tax system with Gov. Bruce Rauner pushing for a local freeze as a condition to ending a budget stalemate.

Indiana will continue to suspend all work and contracts tied to the $1.5 billion Illiana Corridor toll road until the fate of the controversial project becomes clear in cash-strapped Illinois.

Cook County's CFO said Moody's has been "more bearish" on the Chicago area than the other ratings agencies for years, and that he was disappointed but not surprised by the latest downgrade.

Illinois Gov. Bruce Rauner told his cabinet the state must prepare for operating and cash flow challenges if a stalemate over the fiscal 2016 budget isn't resolved.

Helped by a stronger revenue backing, Chicago’s remarketing of $112 million of sales tax-backed fared notably better Wednesday than its general obligation issue a week earlier, though spreads demonstrated a substantial market penalty.

Illinois Gov. Bruce Rauner is halting some tax credits and suspending the Illiana Corridor toll road project to achieve savings in the absence of a fiscal 2016 budget agreement

Chicago’s downgrade to junk sharpened attention on the splits among rating agencies, sparking a spirited debate in the municipal market far beyond the struggles of the Windy City.

The Chicago Board of Education won't face a rating hit from Standard & Poor's as Chicago did after losing its investment grade credit from Moody's Investors Service.

The Illinois General Assembly granted Chicago Mayor Rahm Emanuel’s request for partial relief from a $550 million public safety pension spike in the waning hours of its spring session. The bill moves to the governor.

Cook County President Toni Preckwinkle said she’s disappointed state lawmakers did not pass her pension reform bill, adding that the county’s underfunded retirement system is approaching “the point of no return.”

Chicago Public Schools’ chief financial officer Barbara Byrd-Bennett has resigned, a month and a half after it was disclosed that federal authorities were probing her role in a no-bid contract.

Chicago heads back into the market Wednesday to convert $112 million of floating-rate sales tax-backed bonds to a fixed rate, further chipping away at bank credit risks that posed a $2.2 billion liquidity risk.

With Illinois' credit rating hanging in the balance, the state's spring legislative session ended in gridlock with passage of a $36 billion budget labeled by Gov. Bruce Rauner as "phony."

Moody’s Investors Service has downgraded Kendall County Forest Preserve District in Illinois by one level to A2 and warned of further action by assigning a negative outlook as the district’s balance sheet struggles.

After meeting with legislative leaders Friday, Illinois’ rookie GOP governor voiced optimism that an impasse over the fiscal 2016 budget will be bridged, though no deal was expected before Sunday’s scheduled adjournment.

Chicago took a beating but got its deal done as it offered its first general obligation bonds in more than a year Wednesday, with its fall to a junk-bond rating fresh on investors’ minds.