Midwest

A Minnesota city that voted late last month to cancel its lease and financial support for a struggling sports complex paid a steep price for its action in the loss of its investment grade rating even though the city contends it was simply exercising its legal rights.

The House and Senate Wednesday will consider a long-stalled five-bill package to overhaul the state's retirement system in an effort to trim its pension and retiree health care benefits liability.

Wisconsin collected $127 million more of general purpose revenue in the last fiscal year than projected last May, according to new figures from the state's Department of Revenue.

Moody's Investors Service has upgraded Allina Health System's rating by one notch to Aa3 in recognition of its favorable fiscal performance.

Moody's Investors Service raised its rating by one notch to A1 on CentraCare Health System's debt due to the Minnesota-based system's strong financial performance.

While it may have relied heavily on one-time revenues to end political gridlock and strike a budget agreement last year, Minnesota maintains strong financial policies and has a solid track record of making timely budget adjustments as needed, Standard & Poor's said in a special report.

Moody's Investors Service last week downgraded its rating to Ba3 from Ba1 on Ypsilanti Public Schools general obligation bonds, warning that the troubled Michigan district may face a so-called payless payday this year.

Indiana officials said revenues fell nearly 2% below expectations in August, though revenues overall are 4% ahead of forecasts for the first two months of the fiscal year.

Cook County Board President Toni Preckwinkle Monday appointed Reshma Soni as the county’s new comptroller.

The Troy Downtown Development Authority says it will default on nearly $17 million of TIF bonds by November 2013. The bond insurer has threatened to sue or request state intervention if it is forced to cover the obligation and the city doesn't pledge to repay.