Illinois

A group of Illinois House members introduced a pension reform package they hope will serve as a road map to help the state dig out from $96 billion in unfunded liabilities.

The local governments of Cook County, Ill. together face a financial burden of $34 billion from unfunded pension liabilities and other debt, according to a pair of public policy groups in Chicago.

Illinois Comptroller Judy Baar Topinka last week slammed a legislative proposal to borrow $4 billion to pay down the state’s mammoth bill backlog

U.S. Secretary of Energy Steven Chu along with Illinois Gov. Pat Quinn and Chicago Mayor Rahm Emmanuel unveiled plans for a next generation battery hub in suburban Chicago.

Moody's has assigned an issuer credit rating of Baa1 to Presence Health, the new health care system created by the merger late last year of Resurrection Health Care and Provena Health.

The federal bankruptcy court in Chicago has signed off on a suburban Chicago retirement community's reorganization plan that relies on a $90 million bond issue to restructure its $116 million 2006 issue.

Lake County, Ill., approved $90 million in borrowing to help finance its $119 million capital plan for judicial facilities, which includes construction of a new criminal courts tower.

Former Dixon, Ill., Comptroller Rita Crundwell entered a guilty plea last week to federal fraud charges for stealing $53 million in city funds since 1990 to fund a lavish lifestyle that included a quarter horse farming business.

Illinois Gov. Pat Quinn this week launched an Internet-based grassroots campaign aimed at raising public support for pension reforms.

Illinois ended the last fiscal quarter with a pile of $5.9 billion in overdue bills, $2 billion more than a year ago even though tax collections are on the rise, Comptroller Judy Baar Topinka reported this week.

Chicago Mayor Rahm Emanuel's $6.5 billion 2013 budget easily won City Council approval as most members praised the plan for holding the line on taxes while holdouts voiced misgivings over police staffing and revenue projections.

The health of Illinois' pension system continued it downward spiral in the last fiscal year when unfunded liabilities rose by more than $11 billion and the funded ratio deteriorated to 40.4%, according to the Civic Federation of Chicago.

The Illinois Finance Authority advanced $430 Million in deals for projects planned by the University of Chicago Medical Center, Advocate Health Care Network, the Franciscan Communities, and the Big Ten Conference.

Standard & Poor's has lowered Centralia, Ill.'s general obligation rating by one notch to A-minus as the city grapples with red ink.

Oak Brook, Ill.-based Advocate Health Care Network will sell $150 million of new-money this week to finance projects including a new patient tower at one of its 10 Illinois hospitals.

The Cook County Board Friday approved a $3 billion, fiscal 2013 budget as the county prepares to come to market later this month with roughly $300 million of refunding bonds for interest-rate savings.

Illinois-based Centegra Health System will offer up $200 million of mostly refunding bonds Thursday as it seeks to lay the groundwork for future issuance to finance a new hospital.

Cook County announced it received a long-awaited federal approval for a so-called 1115 Medicaid waiver, allowing the county to expand its Medicaid program.

Chicago Mayor Rahm Emanuel's proposed $6.5 billion corporate fund budget for 2013 won the endorsement of a local government fiscal watchdog group.

Illinois will need to contribute $6.8 billion toward its five pension funds in the next fiscal year, up by about $965 million in the current fiscal 2013 budget, the Chicago Civic Federation said.