Budgets

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.

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.