Illinois

Grigsby & Associates Inc. owner Calvin Grigsby faces a December hearing on accusations leveled by Illinois Secretary of State regulators over the firm's investment advice to the Illinois Student Assistance Commission.

Illinois Gov. Pat Quinn prevailed in his feud with Chicago Mayor Rahm Emanuel when Quinn’s communications chief, Kelly Kraft, was named executive director of the Illinois Sports Facilities Authority.

Chicago will pursue three municipal marketing initiatives aimed at generating $18 million for the next city budget, Mayor Rahm Emanuel said.

The Chicago Board of Education last week approved the new $295 million three-year contract with the Chicago Teachers Union

The Civic Federation of Chicago said it supports Cook County President Toni Preckwinkle's 2013 budget, but warns that uncertainty surrounds key revenue sources, and that a structural deficit remains.

The Regional Transportation Authority of Illinois qualified 10 financial advisory firms to assist the agency on future bond deals and other fiscal transactions over the next five years.

Rep. Dennis Kucinich has asked the Treasury Department to investigate whether it was appropriate to use Build America Bonds to help finance the construction of a large coal-fired plant known as Prairie State Energy Campus, which has experienced cost overruns and operational problems that are hurting municipalities, electric cooperatives and 2.5 million ratepayers across eight states.

Illinois faces a dire fiscal reckoning unless it acts sooner rather than later to tackle its mammoth unfunded pension obligations and make tough choices on taxation and spending, warns a new report from a national task force.

Elgin-Ill.-based Sherman Health System has signed a letter of intent to join Illinois' largest not-for-profit health care system Oak Brook, Ill.-based Advocate Health Care.

The Council of Development Finance Agencies is launching a new initiative known as the Illinois Financing Roundtable with plans for a webcast to kickstart the effort set for Dec. 10.

Standard & Poor’s revised its outlook to negative from stable on Clair County Community Unit School District No. 196’s A rating.

Chicago last week said its hotel occupancy tax is up by 4.9% so far this year after an especially strong September.

A local government fiscal and budget watchdog group endorsed DuPage County, Ill.'s proposed $432 million 2013 budget, which leaves a healthy fund balance intact while also holding the line on its property tax levy and reducing headcount.

After an eight-year lull in state revolving fund borrowing, Illinois is poised to return to the market next year to fund low-cost loans to municipalities under a $1 billion Clean Water Initiative launched by Gov. Pat Quinn.

Cook County President Toni Preckwinkle Thursday unveiled a $2.9 billion spending plan that relies on the new federal health care law as well as a handful of new taxes to cure a $267 million shortfall.

The Illinois State Toll Highway Authority unveiled a proposed $1.5 billion budget for 2013 that banks on $1 billion in borrowing to finance projects planned under the system's $12 billion capital program.

The November ballot in Illinois will ask voters if the state constitution should be amended to require a three-fifths vote by the General Assembly or a local government to enhance public pension benefits.

Chicago will seek independent audits to assess the operational and financial management of its asset leases beginning with its controversial $1.15 billion 2009 parking meter concession contract.

Chicago Mayor Rahm Emanuel is pressuring state lawmakers to adopt pension reforms to shore up the city's underfunded employee retirement obligations.

Chicago Mayor Rahm Emanuel on Friday replaced his hand-picked schools chief after just 17 months on the job with the district's interim chief education officer in a move that comes shortly after a bruising teachers' strike that has taken a toll on the district's bond ratings