Illinois

Illinois entered the new fiscal year Tuesday with $4.6 billion in unpaid bills and another $1.1 billion expected in the coming months, according to data provided by Illinois Comptroller Judy Baar Topinka's office.

Chicago will host its annual investors' conference on Friday, Aug. 8 to update market participants on the city's credit including progress made over the last year on the pension front and ongoing strains.

Illinois Gov. Pat Quinn vetoed $250 million in spending for state capitol renovations as he signed into law a series of bills that make up much of the state’s $35.7 billion budget for the fiscal year that begins Tuesday.

Moody's Investors Service has downgraded two Chicago suburbs – one by three notches – for growing pension debt and a looming requirement that they increase their pension contribution or risk losing state aid.

Three of Illinois' five pension funds have revised their investment rate of returns, a move that could drive up the state's future projected contributions and cut in the savings of the pension overhaul adopted by lawmakers.

The Chicago Public Schools announced plans to cut more than 1,000 employees in a move that comes ahead of the district's release of a fiscal 2015 budget that must close a nearly $1 billion budget gap.

Cook County, Ill., home to Chicago, is facing a $169 million shortfall in the upcoming fiscal year, county board President Toni Preckwinkle warned Thursday.

The SEC's latest action continues to illustrate the commission's intent to vigorously enforce the muni bond space, securities lawyers said, and might also illustrate why issuers might hesitate to participate in its controversial self-reporting program.

Harvey, Ill. and its comptroller, Joseph T. Letke, are accused of misusing bond proceeds and misrepresenting investment risks in a civil complaint filed by the Securities and Exchange Commission that led to an injunction blocking an upcoming issue planned by the Chicago suburb.

Three members of Illinois' congressional delegation are calling on the Federal Aviation Administration to complete a new environmental impact study and hold new public hearings on Chicago's $8 billion runway expansion.

Chicago has reached a tentative five-year contract with the American Federation of State, County, and Municipal Employees Council 31 on Thursday.

Public distrust and confusion over public-private partnerships along with the lack of creative thinking on the technology front are among the constraints Chicago confronts as it looks to address its infrastructure needs, said panelists at a forum.

The 2013 actuarial reports for the two Chicago pension funds that were the subject of a legislative fix underscore their troubled conditions prior to the overhaul even as one reported a slight improvement.

Two Chicago-based health systems — Alexian Brothers Health System and Adventist Midwest Health — intend to join forces to create a joint operating company with a combined nine hospitals.

The Chicago Infrastructure Trust has begun negotiations with private partners, advancing plans to finance energy upgrades to as many as 141 city pools, and is eyeing a Property Assessed Clean Energy program.

Scant supply and a double-A level rating should help offset investor penalties imposed on the Chicago name when the Chicago Transit Authority sells $555 million of sales tax bonds Wednesday, several market participants said

Bruce Rauner, Republican candidate for Illinois governor, outlined plans to cut $1 billion in spending to help balance the state's books without revenues from an expiring income tax hike.

The Chicago Transit Authority has received a first time rating from Kroll Bond Rating Agency of AA on its upcoming sale of nearly $600 million of sales tax backed revenue bonds to fund capital projects.

Illinois Gov. Pat Quinn signed legislation Monday overhauling two of Chicago's struggling pension funds.

After a national search Columbia College Chicago has hired Michelle Gates to serve as president for business affairs and chief financial officer.