Economy

The Regional Transportation Authority of Illinois board last week approved a $2.3 billion operating budget for 2011 that taps capital funds to cover operating costs as the agency waits for its share of local sales tax revenue to recover from the recession.

The Illinois State Toll Highway Authority has approved a $680 million budget for 2011 that marks the first drop in annual spending in the agency's history.

Illinois nonprofit hospitals provided nearly $4.9 billion in community benefits through various programs and services during their 2008-2009 fiscal years, according to Illinois Hospital Association's fourth annual report.

With the year-end deadline approaching, Houston this week will refund $94 million of private-activity bonds for its airport system with variable-rate debt to gain exemption from federal alternative-minimum tax provisions.

ALAMEDA, Calif. — Alaska’s Knik Arm Bridge and Toll Authority announced last week that the Federal Highway Administration has released a formal record of decision approving the route it has planned for its planned Knik Arm Crossing bridge project.

DALLAS — When the Texas Legislature convenes in January, the top priority is expected to be the estimated $25 billion budget shortfall and ongoing problems with education funding.

Fitch Ratings downgraded the underlying rating on Fresno’s $58 million of airport revenue bonds to BBB from BBB-plus.

New York's Metropolitan Transportation Authority adopted a $12.08 billion operating budget for 2011 at its monthly board meeting Wednesday. The budget closes a projected $900 million deficit with a combination of fare and toll increases that go into effect on Jan. 1, labor concessions, efficiency savings, and recurring actions taken this year.

San Francisco officials are pushing ahead with a controversial plan to charge a toll to motorists entering and the exiting the city's downtown during peak hours.

With an eye on its credit ratings, the Delaware River Port Authority chose to keep in place a $1 toll hike Wednesday that was set to begin July 1 after weeks of debate on whether to delay the increase to 2012.

Tennessee Governor-elect Bill Haslam has selected Mark Emkes as commissioner of the Department of Finance and Administration, which oversees the state budget and health care program.

The board overseeing the financing and construction of the new $1.2 billion public hospital in New Orleans to replace state-owned Charity Hospital has selected Kaufman, Hall & Associates as financial adviser for a proposed $400 million revenue bond issue.

Investors who own bonds issued by the bankrupt Connector 2000 Association Inc. toll road have tentatively reached an agreement with the issuer and South Carolina to exchange their outstanding debt for new bonds.

The Metropolitan Transit Authority of Harris County is restructuring its management in the wake of a funding controversy involving light-rail expansion in the Houston area.

New York’s Metropolitan Transportation Authority plans to issue up to $750 million of taxable Build America Bonds next week to fund capital needs in 2011.

BRADENTON, Fla. — Cullman ­Regional Medical Center in Alabama, has had its ratings dropped to below investment grade by Fitch Ratings and Moody’s Investors Service about a year after refinancing all its bonds.

Massachusetts Wednesday will sell its first-ever Commonwealth Transportation Fund bond offering — $576.2 million of taxable debt to repair decrepit bridges.

New Jersey Transit last week hired Patton Boggs LLP to help the agency contest a $271 million repayment demand from the Federal Transit Administration for money it spent on a now-canceled commuter rail tunnel.

Honolulu’s plan to build and finance a 20-mile-long rail transit line is between $678 million and $1.7 billion short of what will be needed to finance construction.

State Senate President pro Tem Darrell Steinberg Tuesday announced the appointment of Ann Rice to the California Health Facilities Financing Authority board.