Budgets

A vote Wednesday by Chicago's city council would speed up budget hearings and signals that a majority of alders may go their own way on the budget.

A 2025 state law prohibits cities from increasing their property tax revenue if they fail to produce a timely annual financial audit.

States face broadening credit challenges, and while local governments have shown resilience, school districts are more at risk, S&P Global Ratings said.

The county treasurer's new report describing large hikes in Chicago residential tax bills effectively takes property tax hikes off the table for the city.

City Council President Jean-Paul Morrell said Mayor LaToya Cantrell had engaged in a "breathtaking abdication" of her job.

Oakland touts financial turnaround with a $335 million bond sale ahead, despite negative credit outlooks.

States face slowing revenue growth and increasing spending pressures, the National Association of State Budget Officers said in its Fiscal Survey of States.

The $6.3 billion all-funds budget was amended in the wake of the Nov. 4 defeat of a property tax rate increase that would have raised $109.5 million in revenue.

Chicago Mayor Brandon Johnson is seeking City Council approval of $1.8 billion in new money general obligation bonds and $2 billion in refunding authority.

Chicago homeowners face a record property tax hike after the city's downtown office buildings and other commercial real estate values fell again.

The city said it needed the money to be able to make payroll in November and December.

S&P revised Chicago's outlook to negative from stable and affirmed its BBB rating on the city's outstanding general obligation debt.

Louisiana State Treasurer John Fleming indicated he is open to compromise on the nature of state oversight for the city, which may have trouble making payroll.

City Manager Oliver Chi unveiled a plan to invest $60 million to change the city's current trajectory.

The city said it will take a wide range of measures to try to get through November and December without running out of money.

Chicago Public Schools went to market this week with nearly $1.1 billion of refunding bonds in the largest municipal transaction the district ever completed.

The city comptroller says Buffalo's finances are in dire shape, and is fighting in court not to issue debt authorized by the mayor and city council.

Mayor Brandon Johnson released to City Council a report from accounting firm Ernst & Young with recommendations for closing the city's structural budget gap.

The city council president is concerned about state bond commission approval.

The Cleveland City Council will decide whether to approve a deal struck by Mayor Justin Bibb with Haslam Sports Group, owners of the NFL's Cleveland Browns.