Midwest

State Budget Solutions, a national budget watchdog group, gave Indiana its “Reality Check” award and Gov. Mitch Daniels its “Real Leader” award for the state’s budgeting process and increased fiscal stability.

The Chicago City Council last week approved Mayor Rahm Emanuel ethics ordinance imposing new rules on city lobbyists, including public finance bankers, financial advisers, and lawyers who seek work on city bond sales.

CHICAGO - Chicago faces a $635.7 million budget gap in 2012 that could rise to nearly $800 million in 2014 if the city doesn't take steps to better align its spending and revenues, Mayor Rahm Emanuel warned Friday in announcing preliminary budget figures.

CHICAGO - With its seven-year-old $6 billion capital program nearing completion, the Illinois State Toll Highway Authority on Thursday unveiled a follow-up $12 billion, 15-year plan that relies on a toll increase to help repay an estimated $4.8 billion of new borrowing.

CHICAGO - Cook County, Ill., faces a nearly 16% shortfall in its general fund next year as revenues continue to fall, officials said yesterday as they unveiled preliminary 2012 budget numbers.

CHICAGO - The Cook County, Ill., Board of Commissioners Wednesday approved a master bond ordinance that clears the way for the new administration's first finance team and its first market ­transaction.

CHICAGO - Moody's Investors Service has assigned a junk-level issuer rating of B1 with a negative outlook to the long-struggling Detroit Public Schools.

CHICAGO - The top-rated city of Columbus, Ohio, will enter the market Wednesday with $289.4 million of bonds, marking the city's annual outing to finance capital projects. Some of the proceeds also will be used for improvements to a site for a new casino.

The Wisconsin Supreme Court last week overturned an appeals court ruling and upheld the tax-exempt status of an outpatient facility operated by nonprofit Wheaton Franciscan Healthcare.

Voters will get a chance to weigh in on one of Ohio’s most controversial new laws after opponents filed enough signatures to get the issue on the ballot.