Illinois

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.

All three rating agencies affirmed Chicago O’Hare International Airport's general revenue credit ahead of a new-money and refunding sale for up to $900 million slated for Wednesday.

Chicago officially withdrew its application to privatize Midway International Airport in a letter to Federal Aviation Administration Friday.

A Cook County, Ill. Circuit Court judge sided with lawmakers Thursday in ruling that Gov. Pat Quinn violated the state constitution when he stripped legislative pay from the fiscal 2014 budget in an attempt to pressure them to act on pension reforms.

Chicago is ratcheting up pressure on Illinois lawmakers to tackle both its long- and short-term pension woes to avoid both insolvency and a $600 million spike in contributions looming in the coming years.

Chicago paid $3.5 million in fees and expenses to lawyers and other advisors on its aborted plan to privatize Midway International Airport, according to the city's Chief Financial Officer Lois Scott. She called the spending well worth it.

Chicago plans to sell up to $900 million of O'Hare International Airport general airport revenue bonds to raise new money for projects and refund older debt for savings.

Fitch Ratings slapped the Chicago Board of Education with a one notch downgrade to A-minus over its budgetary woes driven by a years-long reliance on one-shots to erase red ink.

Macon & Dewitt Counties' Community Unit School District 2 in Central Illinois is at risk of losing its investment grade rating over its fiscal struggles.

Standard & Poor's has lifted the Chicago suburb of Downers Grove's general obligation rating to AAA after applying its new ratings criteria to a review of the credit ahead of a planned refunding.

Moody's Investors Service on Friday placed Illinois-based Proctor Hospital's speculative-grade B2 rating on review for upgrade due to its signing of an affiliation agreement with the stronger and larger Methodist Health Services Corp.