Budgets

The budget is a good sign, analysts say, and may be a first step towards ultimately ending the Oversight Board's authority over the territory.

The bonds will help fund the agency's capital improvement plan.

Cook County faces a general fund budget gap of $102.6 million in 2026, and many grants are at risk under the new White House and Republican-controlled Congress.

Ahead of a 14-3 vote to pass the $7 billion spending plan, concerns were raised about new legislation affecting the city's public safety pension funds.

Controller Chris Hollins raised several concerns about the mayor's $7 billion budget for the fiscal year that begins July 1, including its use of reserves.

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.