Illinois

Chicago Mayor Rahm Emanuel unveiled a balanced budget overshadowed by his dire warning that the city faces a "fiscal cliff" a year from now without state action on pension reforms.

Chicago Mayor Rahm Emanuel unveiled a $7 billion 2014 budget Wednesday that relies on natural tax growth, spending cuts, savings from management initiatives, a cigarette tax hike, and increases in other fines and fees to fund new investments and erase $339 million of red ink.

With Ill. Gov. Pat Quinn, Chicago, other local governments, and bond investors all clamoring for action on the state's unfunded pension obligations, the General Assembly convened its brief annual veto session Tuesday with little indication that it is ready to tackle the issue.

Underwriters, financial advisory and law firms interested in working on Illinois' bond deals over the next several years have until Nov. 4 to submit their qualifications to win a spot on in the state's updated pools.

Chicago last week officially unveiled its newest $1.3 billion runway under its ongoing $8 billion O'Hare Modernization Program.

The Illinois Supreme Court last week overturned the state's two-year-old internet tax finding it violated federal law.

Triple-A Northwestern University in Illinois plans to offer nearly $600 million of taxable debt to raise new money for ongoing capital work and refund some now callable debt for savings.

llinois and Indiana's plan to build a controversial $1.3 billion toll-road through public private partnerships cleared a key hurdle as an Illinois-based regional planning committee voted to include the project in the area's long-range plan.

The Securities and Exchange Commission is investigating Chicago-based UNO Charter School Network for potential securities violations tied to its October 2011 $37 million bond issue.

Moody's Investors Service has placed Methodist Medical Center of Illinois' A2 rating on review for a potential upgrade in anticipation of the hospital becoming part of the higher rated Iowa Health System's obligated group.

Chicago plans to begin scaling back on retiree healthcare premium subsidies in its 2014 budget even though a legal challenge to its plan to phase out the subsidies for most retirees faces a legal challenge.

Cook County President Toni Preckwinkle proposed a $3.5 billion 2014 budget, saying the new federal health care law will allow her offset a $150 million deficit with no new taxes or fees.

The Illinois Finance Authority is readying an up to $175 million issue that will mark the first borrowing under an expanded $1 billion state revolving fund loan program.

Moody's Investors Service knocked Kankakee County, Ill. and the city's public building commission's general obligation rating down three notches due to its ongoing struggle with operating shortfalls.

City Colleges of Chicago hit the road Thursday to promote a $250 million general obligation sale that garnered double-A level level ratings but carries the blemish of the city’s name.

Illinois may make some progress in paying down its massive bill backlog in the fiscal 2014 budget, but it missed an opportunity to ease the growing strains on the state's fiscal foundation, a new report warns.

Chicago Mayor Rahm Emanuel's plan to privatize the Illinois International Port District in a deal aimed at revitalizing the long-troubled agency suffered a setback this week after the city and its lead bidder halted talks on a final lease deal.

Illinois' and Indiana's plan for a proposed $1.25 billion Illiana Expressway faces a new obstacle in a stinging report that warns of the greenfield P3 toll project's financial risk to Illinois.

Dixon, Ill. will collect $40 million under a settlement that ends a lawsuit against the town’s auditors and bank who were accused of failing to uncover the theft of $53 million by the city former comptroller.

Moody's Investors Service revised its outlook on Illinois-based Presence Health’s issuer credit rating of Baa1 to negative from stable.