Midwest

Chicago Mayor Rahm Emanuel faces a run-off against his top challenger Jesus "Chuy" Garcia after failing to capture a majority of the vote in Tuesday's mayoral contest.

Moody's Investors Service expressed doubt that retirement benefit savings pitched by Gov. Bruce Rauner can be achieved in time to balance the proposed 2016 budget.

Wisconsin's capital finance office is seeking applicants to fill two spots on its team charged with managing state borrowing programs.

Detroit leaders are poised to send a $1 billion 2016 budget to the financial committee that oversees the bankrupt city that it hopes will be the first of three straight balanced budgets that would give the city financial independence by 2018.

Municipal bond borrowing by Midwestern issuers picked up steam last year, rising by 6.9% to $63.5 billion as issuers loosened the reins a bit on new money borrowing and refundings recorded double-digit gains thanks to favorable interest rates.

Minnesota Gov. Mark Dayton unveiled projects in line for funding if lawmakers approve his plan to bolster transportation spending by billions in the coming years through tax and fee hikes and borrowing.

Moody's Investors Service hit Sangamon County School District 186 with a downgrade and warned of the possibility for further deterioration in part due to pressures from the state's fiscal struggles.

Rating agency analysts and other market participants labeled Illinois Gov. Bruce Rauner's proposed fiscal 2016 budget, which relies on cuts to close a big deficit, an opening shot in a long game with an uncertain outcome ahead.

Easing Detroit Public Schools' debt burden is considered key to the district's revival and survival, and bankruptcy is possible, according to one of the reformers working on the turnaround effort.

Ohio Auditor David Yost has declared the city of Maple Heights to be in a state of financial emergency after the Cleveland suburb missed payments on sewer loans in January and showed deficits in its general and debt service funds.