Budgets

Mayor Mike Johnston, who announced furloughs and a hiring freeze, said an economic downturn spurred by President Donald Trump is major challenge for the city.

Chicago is "diligently preparing" to sell debt, now that the bond market has mostly recovered from April's turmoil, Chief Financial Officer Jill Jaworski said.

The state's legislative analyst's office expects revenues for the fiscal 2025-26 budget year to be $7.8 billion lower than estimated in January.

The spending plan for the fiscal year that begins July 1 was balanced through an ongoing reorganization of city government, according to Mayor John Whitmire.

KBRA downgraded Los Angeles GO bonds to AA from AA-plus in the city's second downgrade within a week. The city's lease revenue bonds were also cut.

The coming fiscal year will have more than 10 times the state bonding as the current fiscal year.

To close a $1 billion budget hole, Mayor Karen Bass would merge some departments and lay off more than 1,600 city workers.

The Los Angeles Legislative Delegation penned a letter to state budget leaders asking for $1.9 billion in fire recovery aid for the city after meeting with city leaders.

The governor is calling for a freeze on planned cuts to individual and corporate tax rates.

Mayor Karen Bass and her budget chief say the city faces a $1 billion budget gap and will need to rethink the way Los Angeles operates.

The city's Independent Budget Office projects New York's operating surplus as a percentage of tax revenue will fall to 4.8% at the end of the fiscal year.

A voter-approved charter amendment requiring a bigger police force spurred Moody's Ratings to revise its outlook on the city's A1 bond rating to negative.

Chicago's City Council on Wednesday approved the sale of $830 million of general obligation bonds that Mayor Brandon Johnson says will fund infrastructure improvements.

The Federal government's long-term budget challenges could mean dramatic changes for hospitals and health systems nationwide, derailing the post-COVID credit recovery that helped turn the healthcare sector into the fastest-growing segment of the municipal market in 2024.

Washington's threats to state and local government funding took center stage when Illinois Gov. JB Pritzker delivered his seventh budget.

The study comes as the city faces a growing structural budget deficit and shrinking reserves that led to negative bond rating outlooks.

Gloria's pointed comments about the county's responsibility caused a stir in the days since he delivered the speech, which sets the table for budget talks in coming months.

Chicago plans to sell roughly $830 million of general obligation bonds to finance its 2024-28 capital improvement plan, according to the city's finance team.

New York Mayor Eric Adams, bolstered by lower-than-forecast spending on migrants, proposed a $114.5 billion budget for the fiscal year that begins July 1.

S&P Global Ratings downgraded Chicago's general obligation debt to BBB from BBB-plus, saying the 2025 budget fails to address a structural imbalance.