Southwest

Moody's Investors Service issued a report on Wednesday that examined the local governments and school districts that rely on federal employment, procurement, Medicare reimbursement and education grants that would be most affected by sequestration.

Oklahoma Gov. Mary Fallin and legislative leaders agreed to lower the top state income tax rate to 5% from the current 5.25% in 2015 while using cash instead of bonds to renovate the state capitol.

The Internal Revenue Service has closed an audit without changing the tax exempt status of $52 million of sales tax revenue bonds the Cleveland County, Okla., Justice Authority issued in 2009.

Ratings agencies are awaiting details on the debt structure of the combined St. Luke's Episcopal Health System of Texas and Colorado-based Catholic Health Initiatives before issuing an opinion on the $2 billion deal.

El Paso could alter its annual contributions to a city pension fund under bills filed with the Texas Legislature

Retaining a sales tax rate set to drop July 1 could help offset additional state aid to local school districts if Kansas loses a school finance lawsuit.

State revenues are expected to fall 12% in fiscal 2014 as a result of tax cuts enacted by the 2012 Legislature.

Central Arkansas Transit Authority has the legal ability to issue tax-exempt bonds, but not the revenue to support the debt.

Arkansas lawmakers are expected this week to adopt a $4.93 billion general fund budget for fiscal 2014.

Phoenix's 2% sales tax on food, which is set to expire in 2015, would drop to 1% in 2014 under a proposal by two members of the city council.