Budgets

The longer the shutdown of many federal government operations lasts, the worse it becomes for cities, states and other bond-issuing entities.

The county will tap reserves and eliminate vacant positions to meet budget challenges driven by billions of dollars of child sexual abuse settlements.

The Baa3 rated government will now have more trouble supporting the struggling Guam Memorial Hospital, Moody's Ratings said.

The Trump administration is ending Chicago Public Schools' access to $8 million in fiscal year 2026 grant funding, the Department of Education said.

It affirmed the California city's Aaa issuer rating, but cited the drag on revenues from tepid tourism numbers and liabilities from child sexual abuse claims.

The city faces hundreds of child sex abuse claims stemming from a former after-school program volunteer. A recent state law opened the window for old claims.

Backers of a voter-approved public safety funding proposition that led to a negative rating outlook by Moody's said the budget fails to comply with the measure.

Chicago Mayor Brandon Johnson's Financial Future Task Force released an interim report this week on Chicago's structurally imbalanced budget.

The commission also approved an audit for the financially troubled Winston-Salem/Forsyth County School District.

The Civic Federation and the Federal Reserve Bank of Chicago co-hosted an event on Wednesday titled "Taxing Times, Smarter Strategies."

Moody's revised Chicago's outlook to stable from positive and affirmed the city's Baa3 issuer and general obligation unlimited tax ratings.

The Chicago Board of Education passed a balanced $10.26 billion budget that leaves the city government to pick up non-teacher pension contributions.

The GOP reconciliation bill will cut $888 million in revenue from Oregon, state economists said, because its state tax laws conform with federal law changes.

Missouri auditor Scott Fitzpatrick released an audit report on St. Louis Public Schools, finding the district will run out of funds in fiscal year 2031.

The Southeast Pennsylvania Transportation Authority implemented drastic cuts and warned that more cuts and fare hikes are on the way without state funding.

Chicago Public Schools officials said they will not be making a disputed pension payment when they presented the district's 2026 budget at a board meeting Wednesday.

Auditor General Frank Mautino said the delay was due largely to $1.2 billion erroneously collected from pharmaceutical companies that had to be addressed.

The fiscal 2026 budget would increase police and fire funding by $63.1 million as the city works to comply with a voter-approved public safety spending mandate.

New York City lawmakers spent big on social services. But the budget still leaves the city exposed to cuts by the Trump administration and congressional GOP. 

New Jersey's Toms River school district was downgraded two notches by S&P after refusing to adopt a budget and discussing bankruptcy.