Indiana

The latest revenue projections show Indiana could end the current fiscal year with a $1.8 billion surplus, an amount that would trigger an automatic refund to taxpayers under a new law.

A task force last week proposed a local income tax rate increase in the Indianapolis region to finance a $1.3 billion rail and bus system over the next 10 years.

Moody’s Investors Service last week downgraded to A2 from A1 its rating on Elkhart General Hospital, affecting $86.6 million of bonds.

CHICAGO — Indiana got an unexpected $288 million budget boost after detecting a computer programming error that failed to transfer revenue to the state's general fund, Gov. Mitch Daniels announced Tuesday.

Indianapolis Mayor Greg Ballard won a second term last week, defeating public finance attorney Melinda Kennedy.

Indiana Gov. Mitch Daniels last week appointed public finance veteran Jennifer Alvey to the State Lottery Commission.

Moody’s Investors Service last week affirmed its Baa2 rating on King’s Daughters’ Hospital and Health Services but revised the outlook to negative from stable, warning that the facility faces volume and operating pressures.

Moody’s Investors Service last week withdrew its Ba3 rating on Methodist Hospital after it failed to provide sufficient financial information.

State aid to Indiana University could fall to below 10% over the next decade if current trends continue, president Michael McRobbie said at his annual state of the university address.

Indianapolis-based law firm Baker & Daniels LLP and Minnesota-based Faegre & Benson LLP completed their merger last week and announced that the combined firm will become known as Faegre Baker Daniels starting next January.

Indiana collected $31 million more than projected last month and $164 million more than it collected during the same period last year, according to the state’s budget office.

BRADENTON, Fla. - The Louisville and Southern Indiana Bridges Authority is asking construction industry professionals and others to help it build the Ohio River Bridges Project faster and less expensively.

Fitch Ratings downgraded to A from A-plus its rating on Reid Hospital and Health Services last week, warning that the Richmond, Ind., facility continues to suffer from operating losses. Fitch revised the outlook to stable from negative.

CHICAGO - A nursing home in Gary, Ind., has skipped monthly payments that fund debt service since last March, forcing the bond trustee to dip into a reserve account to cover a Sept. 1 interest payment.

Indiana recently said it will hand control of five academically troubled schools to private school-management firms.

CHICAGO - The Indiana Municipal Power Agency, which supplies power to municipal electric utilities, is expected to enter the market Thursday with $88.5 million of power supply system revenue bonds.

CHICAGO — The Indianapolis Local Public Improvement Bond Bank plans to enter the market next week with $200 million of subordinate, special-tax bonds to refund debt issued 14 years ago to finance Conseco Fieldhouse, home of the Indiana Pacers pro basketball team.

Indianapolis and Citizens Energy Group, a nonprofit utility, announced last week the formal closure of a high-profile deal to sell the city’s water and sewer systems to Citizens.

CHICAGO — Raymond James & Associates Inc. has agreed to repurchase $31.2 million of auction-rate securities from Indiana investors affected by the failure of the auction-rate market in 2008, Indiana Secretary of State Charles White announced Wednesday.

CHICAGO — A committee of Indiana legislators will hold the first in a series of hearings today to review the state's infrastructure needs — estimated at $5.4 billion with an $800 million annual shortfall going forward — as proceeds from the long-term lease of the Indiana Toll Road are set to run out by 2015.