Illinois

Chicago Mayor Emanuel rolled out an $8.3 billion budget for 2013 that closes a $300 million deficit without tax hikes, but he also painted a stark picture of the fiscal reckoning in 2015 when pensions will consume $1.2 billion of revenue.

Gene R. Saffold, former Chicago CFO and one of the first African Americans to lead the public finance banking group at a Wall Street bank, died Monday following complications from recent surgery. He was 57.

A dispute between Gov. Pat Quinn and Chicago Mayor Rahm Emanuel over who should lead the Illinois Sports Facilities Authority escalated this week when the governor accused the mayor of tarnishing the reputation of his pick.

After a teacher strike, Chicago Public Schools will cover this year's $103 million price tag for the labor contract in part with debt restructuring and capitalized interest bond proceeds.

The Art Institute of Chicago plans to enter the market as soon as Wednesday to sell a mix of taxable new-money and tax-exempt refunding bonds that will reduce the museum's floating-rate risks and allow it to accelerate its pension funding plans.

Quick contract ratifications by orchestra musicians in Atlanta and Chicago after short labor stoppages bolster both credits and cast a favorable light on the sector in general, Moody’s said.

Chicago Teachers Union members overwhelming approved the new four-year, $295 million contract that ended a seven-day strike last month but will further strain the already cash-strapped district.

Cash-strapped Illinois will pocket $165 million for selling its empty Thomson Correctional Center to the federal government.

The Chicago Public Schools took its fourth ratings blow of recent months when Fitch Ratings lowered its rating to A after a teachers strike.

From double-paging copies to reducing paid holidays, there's no shortage of ideas on how to improve Chicago's fiscal health pouring into Mayor Rahm Emanuel's office as his finance team readies a more than $6 billion 2013 spending plan.

The Illinois Sports Facilities Authority may refund bonds sold for Chicago's Soldier Field to ease the risk that Chicago will be called on to backstop debt service.

Moody's Investors Service hit the Chicago Public Schools' $6.4 billion of debt with its second downgrade in recent months and underscored its dim view of the credit by leaving it with a negative outlook as the district struggles with mounting fiscal challenges.

Illinois has submitted a draft airport layout plan to the FAA for a third regional airport to be located far southwest of Chicago. The airport has long been discussed but its advances have come slowly.

The Rahm Emanuel-backed Chicago Infrastructure Trust lined up pro bono help from Public Financial Management Inc. and Kirkland Ellis LLP as it plans its first project financing later this year.

The Chicago Board of Education on Tuesday tapped veteran corporate executive Peter W. Rogers to manage the cash-strapped district's finances as it struggles with a looming $1 billion deficit and must find the cash to pay for a $300 million four-year teachers' contract.

Cook County, Ill. officials hope that the Medicaid expansion provision in the Affordable Care Act will help reduce chronic deficits in its large public hospital system.

Local prosecutors in Lee County, Ill., last week filed dozens of felony theft charges against Rita Crundwell, the former comptroller of Dixon as part of an ongoing local and federal probe into the former official, who is accused of pocketing more than $50 million in public funds to support a lavish lifestyle.

Holy Cross Hospital and Sinai Health System, both in Illinois, announced the signing of a letter of intent to merge in September.

Chicago has trimmed about $71 million from the projected $369 million gap looming in its 2013 budget that is to be unveiled next month.

The Illinois Teachers' Retirement System's adoption of a lower projected rate of return on investments and other assumption changes will hike the state's scheduled payment in the next fiscal year by $470 million.