City of Chicago, IL

The Chicago City Council delivered a strong rebuke of Mayor Brandon Johnson's fiscal 2025 budget on Thursday, rejecting a $300 million property tax increase.

KBRA has placed Chicago's general obligation bond rating on watch for downgrade as the City Council prepares to vote tomorrow on a proposed property tax increase.

The Chicago City Council this week approved a plan to refinance $1.5 billion of the city's debt. The city expects to issue the bonds in the fourth quarter.

Chicago released a budget forecast that its corporate fund deficit will grow to $982.4 million in 2025 from $222.9 million at 2024's end.

The Investment Company Institute reported more than $1.3 billion of inflows into muni mutual funds. The last time inflows topped $1 billion, per ICI data, was for the week ending Feb. 7. LSEG Lipper has reported weeks with $1 billion plus inflows on July 31 and May 8.

Fitch upgraded Chicago's issuer default rating and GO debt rating to A-minus from BBB-plus and the city's sales tax securitization bonds to AAA from AA-plus.

Mayor Brandon Johnson and Chicago's finance team talked up the Windy City's economy and talked up bond sale plans at an event for municipal bond investors.

On Friday, Mayor Brandon Johnson will headline Chicago's 2024 investor conference, organized around the narrative that rating agencies underestimate the city. 

Chicago's top suburban customer and Illinois' largest water wholesaler bought land for a treatment plant in Northbrook, saying it will strike out on its own.

Steven Mahr moved to Chicago two years ago, and in March, he moved from Stifel to the city's finance department, where he's now happily tackling tough problems.