Illinois

The scale of the pension crisis for Chicago area governments and state has been underscored by recent ratings actions and various local and national watchdog reports warning of the crippling effect on governments' ability to fund basic services and stave off credit deterioration.

Illinois' net assets deteriorated in fiscal 2011 by $6.3 billion, bringing its deficit in the financial reporting category to $43.8 billion.

Cook County, which includes Chicago, is celebrating the release of its comprehensive annual financial report within six months of the close of the fiscal year, marking the first time in 10 years the county has done so.

Gov. Pat Quinn this week signed legislation that establishes the position of state actuary to provide oversight of Illinois’ five pension funds.

Illinois Gov. Pat Quinn last week signed sweeping health care legislation that dramatically eases the Medicaid funding burden on state coffers while defusing a fiscal threat posed to not-for-profit hospitals.

Proctor Hospital’s rating has sunk deeper into junk-bond territory and the Illinois health care provider could still fall further due to its ongoing operating struggles.

Dixon, Ill., has sued the city’s auditors for failing to uncover former Treasurer Rita Crundwell’s alleged embezzlement of more than $50 million.

CHICAGO — The Regional Transportation Authority of Illinois will sell $300 million of two-year working cash-flow notes Wednesday, rolling over some existing short-term paper while also raising funds to weather the state’s chronically late aid payments.

First-term Chicago Mayor Rahm Emanuel is banking on billions of infrastructure investment and government operating reforms, with some help on both fronts from the private sector, to help re-invigorate the city's economy.

CHICAGO — The Cook County Forest Preserve District, which boasts 68,000 acres of open space in the Chicago area, is selling bonds to entice more Chicagoans to camp out, among other things.

CHICAGO — Illinois received a reprieve from Standard & Poor’s Wednesday over its failure to act on pension reforms during its spring legislative session, but the agency renewed its message that the clock is still ticking on its negative view of the state and its mammoth pension woes.

The Metropolitan Pier and Exposition Authority of Illinois hits the market with $844 million of revenue bonds in a deal that will raise new money for projects, generate double-digit refunding savings, and accomplish the second leg of an ongoing restructuring of its debt service schedule.

The Illinois Housing Development Authority said its sale of $19 million of multifamily housing bonds would finance a 144-unit supportive housing development south of Chicago for seniors.

City Colleges of Chicago chief financial officer Kenneth Gotsch has resigned to take over the financial reins of Columbia College Chicago.

Chicago is challenging $50 million in reimbursement payments sought by the private consortium that leases the city’s parking meter system.

CHICAGO – The Chicago Transit Authority Friday unveiled plans for a $500 million overhaul of its bus fleet by 2014.

Warning that the state's credit rating hangs in the balance, Illinois Gov. Pat Quinn plans to meet with legislative leaders to take another shot at pension reforms after a reform package collapsed in the 11th hour of the General Assembly session.

The Metropolitan Pier and Exposition Authority of Illinois will enter the market with about $845 million of new-money and refunding revenue bonds as the agency that manages Chicago's McCormick Place convention center seeks to take advantage of favorable market rates.

CHICAGO — The Illinois Senate passed legislation Tuesday raising the state's cigarette tax by $1 as part of a $2.7 billion Medicaid reform package aimed at easing the program's strain on state finances.

Standard & Poor’s downgraded its rating on Springfield’s electric system revenue bonds by two notches to A and warned of further action by assigning a negative outlook.