Budgets

Chicago's City Council deferred a vote on a $1.5 billion bond measure.

The proposed sale size has grown to $1.5 billion and the city claims it will bring $90 million in savings this year.

The Chicago Board of Education adopted a nonbinding resolution declaring a moratorium on school closures during a heated public meeting on Thursday.

A negative outlook for the city's AA rating by Fitch Ratings follows similar action taken by S&P Global Ratings in July.

Chicago released a budget forecast that its corporate fund deficit will grow to $982.4 million in 2025 from $222.9 million at 2024's end.

The July 31 arrest of Eduardo Ramos, who submitted his resignation July 23, was not related to his job, according to the school system.

The mayor and controller debated the causes for the rating outlook revision to negative from stable ahead of a July city bond sale.

The city will return to the market two weeks after closing its Transitional Finance Authority's biggest-ever deal.

The Chicago Public Schools board unanimously approved the district's 2025 budget Thursday, a day after the Civic Federation warned it is a "temporary solution."

The legislature dodged broad changes to education or transit, but bet big on business-friendly initiatives.

The City Council-approved deal spends big on education and housing and reverses earlier cuts, but analysts are wary of the city's budget practices.

The spending plan for the fiscal year that begins July 1 would draw down the city's general fund balance to fill a budget gap that has grown to $187 million.

The mayor's executive budget will now be vetted by the City Council; its leaders say Adams' new spending plan shortchanges library and mental health programs.

Los Angeles Mayor Bass' proposed $12.8 billion spending plan aims to close a $467 million deficit.

As the nation's fourth largest city faces a growing structural budget deficit, it is also expecting to issue more than $3 billion of debt for its airport, water and sewer system, convention center, as well as to fund a settlement with firefighters and for cash-flow purposes.

Los Angeles Mayor Karen Bass aimed high in her State of the City speech just days before she will release a budget that needs to close a nearly half-billion-dollar deficit.

The city may have to make deeper cuts next year if voters don't approve two tax increases headed for the November ballot, if the City Council approves.

Capital outlay investments in the governor's "common ground budget" provide over $1.4 billion in general fund cash and tax-supported debt for projects, including $100 million of bonds for improvements to wastewater treatment plants.

Set to be priced by Jefferies on Monday for retail investors and on Tuesday for institutions, New York City's tax-exempt general obligation bond deal is tentatively structured in four series with two subseries.

To maintain the city's good credit rating and robust fiscal health, New York City Comptroller Brad Lander is also proposing a stronger debt management policy to make sure the city keeps its debt service below 15% of tax revenues.