NEW YORK/CHICAGO (Reuters) – Chicago Mayor Rahm Emanuel took his city fiscal push to New York on Monday to seek to convince skeptical municipal bond investors that Chicago is determined to fix its sagging finances which have dragged down its credit ratings and dramatically raised borrowing costs.
Emanuel addressed the Municipal Forum of New York, touting his fiscal 2016 budget, which includes a record $543 million, phased-in property tax increase to fund public safety worker pensions. The visit followed his appearance at a city-sponsored investor conference in Chicago on Friday.
CHICAGO (Reuters) – Chicago is poised to issue more than $2.7 billion of debt amid warnings that its core credit ratings could be downgraded depending on the outcome of the city’s fiscal 2016 budget.
Both Standard & Poor’s and Fitch Ratings said this week they could downgrade Chicago’s BBB-plus general obligation ratings if the city does not adequately address escalating pension payments.
CHICAGO, Sept 22 (Reuters) – Chicago Mayor Rahm Emanuel on
Tuesday urged the city council to approve an unprecedented
property tax hike, calling it a last resort as he proposed a
2016 budget to dodge a financial crisis linked to unfunded
In a half-hour speech to Chicago’s 50 aldermen, Emanuel said
spending cuts were not an option as the third-largest U.S. city
tries to overcome years of chronic deficit spending.
CHICAGO (Reuters) – Chicago Mayor Rahm Emanuel will present to a skeptical city council on Tuesday his 2016 budget proposal with an unprecedented property tax hike as he tries to dodge a financial crisis linked to unfunded pensions.
Emanuel, who was elected to a second term in February, is asking the city’s 50 aldermen to approve a $543 million increase in property taxes – between now and 2018 – to cover police and fire pensions.
CHICAGO (Reuters) – Caught in a political stalemate that has
forced it to operate for nearly three months without a budget,
Illinois’ spending decisions are increasingly being made by
courts and at a rate that is further deepening the state’s
The standoff between the Republican governor, a political
newcomer, and the Democratic-controlled legislature is affecting
everything from the ability of lottery winners to collect their
cash to state workers’ healthcare payments.
CHICAGO, Sept 2 (Reuters) – Illinois is eyeing a return to
the U.S. municipal bond market this year after an absence of
more than 15 months, even as the state struggles to address its
many fiscal problems.
The state expects to sell some bonds, “but is not ready now
to announce amounts or sale dates,” Catherine Kelly, a
spokeswoman for Governor Bruce Rauner, said on Wednesday.
CHICAGO (Reuters) – Illinois is eyeing a return to the U.S. municipal bond market this year after an absence of more than 15 months, even as the state struggles to address its many fiscal problems.
The state expects to sell some bonds, “but is not ready now to announce amounts or sale dates,” Catherine Kelly, a spokeswoman for Governor Bruce Rauner, said on Wednesday.
By Karen Pierog
(Reuters) – A U.S. judge on Tuesday declined to find
Illinois in contempt of court for failing to make timely
payments to providers of services for disabled residents as the
state struggles to operate without a budget.
Judge Sharon Johnson Coleman said her dismissal of a civil
contempt motion filed by attorneys for the disabled will allow
the state to work on payment issues with service providers
“without that hammer hanging over your head for now.”
CHICAGO (Reuters) – Illinois’ cash-flow problem makes it
impossible to meet specific payment deadlines for services
provided to developmentally disabled residents, according to a
state filing on Friday in U.S. District Court.
In an attempt to avoid being held in contempt of an Aug. 18
federal court order, Illinois said it paid all July and August
bills for community-based services for the disabled. It also
argued it was doing all it can to pay bills mandated by courts
along with obligations required under state law in the absence
of a fiscal 2016 budget.
CHICAGO (Reuters) – A federal judge on Wednesday gave
Illinois until midday on Friday to disclose which bills the
state has paid or not paid and why it could not fully comply
with a court order to fund services for developmentally disabled
residents in the absence of a fiscal 2016 state budget.
U.S. District Court Judge Sharon Johnson Coleman said she
was “very disappointed” the state failed to meet an Aug. 21
payment deadline she set in her Aug. 18 order and did not
communicate that failure to the court.