Northeast

But while New York Gov. Andrew Cuomo has received accolades for the property-tax cap — one of several political victories early in his first year in office — questions linger about its effect on counties, municipalities, and school districts.

Legislation intended to give the City Council of Central Falls and any other community that lands in receivership a greater say in decision-making is headed to Gov. Lincoln Chafee's desk.

Fitch Ratings has placed on watch the BB-minus rating on $747.7 million of Series 2007A revenue bonds issued by the Allegheny County Hospital Development Authority on behalf of the West Penn Allegheny Health System of Pittsburgh.

The Democratic Party in New York has nominated Assemblyman and municipal bond banker David Weprin to fill the congressional seat vacated by Anthony Weiner.

Fitch Ratings has affirmed its stable outlook and A-minus rating for the University of Medicine and Dentistry of New Jersey.

Quincy Medical Center Inc. has sought bankruptcy protection as a part of a plan for Steward Health Care System LLC of Boston to take it over.

Connecticut passed a budget, but Gov. Dannel Malloy is hardly celebrating. Malloy is left with a $1.6 billion shortfall after state employee unions failed to ratify a labor accord intended to balance Connecticut's two-year, $40.1 billion spending plan.

The state-appointed receiver overseeing Central Falls, R.I., said he will remain in that position until a recovery plan is in place for the troubled city.

Novak Consulting Group will release its finalized financial recovery plan for Harrisburg at 10 a.m. Friday. It will post the plan, with adjusted recommendations for Pennsylvania's troubled capital city, at that time on the websites of Cincinnati-based Novak Consulting and the state Department of Community and Economic Development.

New York State's recently approved property tax cap will likely put greater pressure on local finances and ratings, particularly of school districts, Moody's Investors Service said in a report Tuesday.