Illinois

David Fields, Rob Whitlock and Naomi O'Dell have been hired from RBC Capital Markets and will work out of the firm's Philadelphia and Chicago offices.

"We believe pensions have an elevated probability of stressing the state and local governments' budgets even as Illinois has made supplemental contributions above the statutorily required amounts," S&P Global Ratings analyst Joseph Vodziak said.

The task force expects to "form sub-groups to address specific pension issues and dedicated revenue as part of a comprehensive and balanced approach."

The gap next year is up from the $18.2 million shortfall projected heading into the fiscal 2023 budget season but down from the $121.4 million projection in 2022 and the expected near-record $410 million hole that loomed in 2021.

Jack Brofman will start at the University of Chicago July 17 as executive director of global treasury operations.

Clare Oaks' history of fiscal struggles resulted in two bankruptcy filings, the most recent leading to a bond exchange in 2020.

The Illinois case is part of several state-level lawsuits brought by Minnesota-based municipal advisor Johan Rosenberg, accusing banks of conspiring to set the interest rates of state-issued VRDOs artificially high.

CPS expects to close the current fiscal year with a clean slate on short-term borrowing for a second year in a row but it will still rely on TANs to manage liquidity throughout the next fiscal year.

"Stakeholders believe the best solution is to utilize the bankruptcy process to run a marketing and sale process," Friendship Village of Schaumburg said in a statement.

The report provides the first step in assessing what level of benefit enhancement is needed before further state action is taken on Tier 2 pension benefits.

Cook County, local governments, transit agencies, and the education and hospital sectors all benefit from bills passed by Illinois lawmakers.

"We are looking for parity with what's in Joliet contract. That is what would successfully allow us to work with the city of Chicago and that would make that alternative the preferred alternative over a new source water project," the commission's Paul May said.

To date, 332 of the 357 funds have transferred approximately $9.1 billion in assets to the consolidated fund, with most holdouts participating in the lawsuit.

All constitutional options need to be on the table, state Sen. Robert Martwick said, including fund consolidation, pension obligation bonds, new taxes and more.

"It's positive to see the proposed budget relies on fairly conservative revenue assumptions and provides additional funding for pensions and education," Molly Shellhorn, senior research analyst for municipals at Nuveen said.

A top advisor to Brandon Johnson said his administration is still waiting on the advice of incoming CFO Jill Jaworski and budget director Annette Guzman.

Inflation joined supply chain struggles, wage pressures, and the labor shortage — most acutely felt with nursing staff — dragging down the sector's margins.

With hotel taxes unlikely to keep pace with debt service , the Illinois Sports Facilities Authority is eyeing a restructuring to extend final bond maturity.

The CTA is looking for the state to boost operating funds to help solve a looming $400 million annual shortfall.

Harvey and its advisors are in the process of notifying holders of its defaulted 2002 and 2007 bonds of its upcoming exchange offer.