Midwest

Detroit could be required to cut its income tax rate this year under a Michigan law that was part of a deal to guarantee the struggling city a fixed amount of state revenue aid for eight years.

Dubuque will issue $4.4 million of general obligation urban-renewal bonds and $7.5 million of GOs as soon as next week.

Chicago Mayor Rahm Emanuel this week announced a second series of tax-increment financing reforms aimed at improving the program’s transparency and accountability.

A fiscal meltdown awaits Illinois in the coming years as its bill backlog rises from $9.2 billion this year to $34.8 billion in fiscal 2017 unless state lawmakers take action to rein in growing pension and Medicaid costs, a government research organization warned Monday.

CHICAGO — A former Grigsby & Associates Inc. public finance banker must pay a $15,000 fine for his role in advising the Illinois Student Assistance Commission to invest in a Chicago bank that later failed.

Moody's Investors Service assigned an A1 rating to the Catholic Archdiocese of Chicago's possible $151 million private placement of unsecured senior notes to repay loans and fund construction projects.

CHICAGO — With the prospect of a recall election ahead of him, Wisconsin Gov. Scott Walker sought to highlight the state's improved fiscal condition after a tumultuous first year in office.

CHICAGO — The combined burden of unfunded local and state pension liabilities on Chicago taxpayers rose to $103 billion in fiscal 2010 from just $19 billion a decade ago as double-digit investment returns in 2010 failed to stave off further deterioration of funded ratios, according to recent analysis of pension figures.

CHICAGO — Michigan legislators will introduce as soon as Wednesday a 13-bill package that aims to rebuild the state's ailing transportation infrastructure by raising $1.4 billion of new revenue annually.

The Fox Valley Technical College will seek approval on the April 3 ballot for $66.5 million of new borrowing to finance capital projects.