Midwest

CHICAGO — With its economy on the mend, Minnesota now expects to collect an additional $323 million in its current two-year budget cycle based on its annual February revenue forecast.

CHICAGO — A struggling Detroit suburb will ask voters to approve a property tax increase to cover debt payments on a failed film studio development that is draining the city's general fund.

Officials in Columbus, Ohio, are hoping the city's gilt-edged ratings will stand out when they bring $212.5 million of general obligation refunding bonds to market for interest-rate savings.

A Missouri House panel held a hearing Monday on a series of bills that, if enacted, would affect future borrowing by local governments for economic development projects.

Moody’s Investors Service last week downgraded to Baa3 from Baa1 its rating on Michigan’s Mount Clemens Community School District.

The mayor of Hammond, Ind., said last week he won’t move forward with a plan to sell the city’s water company due to costly legal fees and an uncertain market.

Standard & Poor’s has revised its outlook on Western Illinois University’s A rating to stable from negative as analysts’ concerns over Illinois state aid delays have eased.

Moody’s Investors Service last week downgraded Elmhurst Memorial Healthcare’s rating one notch to Baa2 due to the Illinois hospital operator’s modest operating performance for fiscal 2011 and the first half of fiscal 2012.

Cook County Commissioner and former Chicago Alderman William Beavers was indicted last week on three counts of filing false income tax returns and one count of endeavoring to obstruct and impede the Internal Revenue Service.

Chicago Mayor Rahm Emanuel and City Colleges of Chicago officials announced a $479 million, five-year capital program last week that relies on $274 million of future borrowing.