CHICAGO (Reuters) – The $6.3 billion budget unveiled by Chicago Mayor Rahm Emanuel last month would trim the city’s structural deficit through spending cuts and “targeted” revenue increases, according to an analysis released on Wednesday.
The Civic Federation, a nonpartisan, Chicago-based government financial watchdog group, announced its support for the budget, saying it “greatly reduces” reliance on one-time revenue measures to eliminate a gap of $635.7 million.
CHICAGO (Reuters) – Illinois Governor Pat Quinn vowed on Monday to veto legislation to expand gambling in the state, calling on lawmakers to start over with a slimmed-down plan that includes more oversight.
The Democratic governor called for a much smaller, more balanced expansion that he said would prevent corruption and over-saturation.
CHICAGO (Reuters) – Chicago would squeeze money out of employees, residents, visitors, commuters, nonprofit organizations and others to tackle a $635.7 million deficit under a nearly $3.1 billion operating budget unveiled by Mayor Rahm Emanuel on Wednesday.
The spending plan, which is part of an overall $8.2 billion proposed fiscal 2012 budget, relies on $417 million in savings and cuts including the consolidation of police services, the elimination of 776 vacant positions, 500 layoffs, stepped-up collection of money owed, changes in garbage collection, an employee wellness program and reduced public library hours.
Oct 4 (Reuters) – U.S. states, cities and other issuers in
the municipal bond market are increasingly dropping credit
back-ups provided by Belgian-French financial group Dexia as
the euro zone crisis creeps onto American shores.
Dexia (DEXI.BR: Quote, Profile, Research, Stock Buzz), which has been laid low by its heavy
exposure to Greek debt and problems accessing wholesale funds,
itself is urging U.S. issuers to replace these liquidity
facilities as it unwinds its legacy business in munis.
NEW YORK (Reuters) – Change is coming to the U.S. municipal bond market, and issuers, bankers and others are worried that some of the moves could fundamentally alter the process for financing capital and operating needs.
Regulators, armed with new powers under the Dodd-Frank Act, are pushing for greater financial disclosures by states, cities and other issuers, while redefining responsibilities of key players in the market.
NEW YORK (Reuters) – The Securities and Exchange Commission is getting closer to completing its plan to beef up the timeliness and quality of financial disclosures by states, cities and other issuers in the U.S. municipal bond market, an official said on Tuesday.
SEC Commissioner Elisse Walter said the commission’s staff have moved from evidence-gathering to the writing of rules, but she stopped short of saying exactly when the plan, which will include an update of anti-fraud provisions, will emerge.
CHICAGO (Reuters) – Illinois Governor Pat Quinn said on Thursday he will close two state prisons and other facilities and lay off more than 1,900 workers to keep the current state budget from running out of money.
The Democratic governor blamed the Democrat-controlled Legislature for sending him a $33 billion general funds budget that locks in spending levels for state agencies and that did not appropriate enough money to keep some state services operating.
WASHINGTON/CHICAGO (Reuters) – States will start sending more than $1 billion to the federal government in coming weeks for loans used to pay unemployment benefits and some may have to raise business tax bills to cover the charges.
The 2009 economic stimulus plan made it easier for states to borrow from the federal government to pay benefits for unemployed workers, easing the strain on their budgets as revenue cratered and high numbers of residents filed for assistance during the recession.
CHICAGO (Reuters) – Illinois Governor Pat Quinn’s administration warned on Tuesday that some state agencies will run out of money in late April because appropriations will fall short.
“The General Assembly sent the governor an incomplete budget that does not contain the funds needed to continue operations at their current level,” said Kelly Kraft, a Quinn spokeswoman.
CHICAGO (Reuters) – The Illinois Tollway board approved on Thursday a $12 billion bond-financed capital plan that raises toll rates by 87.5 percent for most cars.
The tollway, which operates 286 miles of interstate highway in 12 northern Illinois counties, proposed the 15-year capital plan last month as a way to relieve congestion and boost the state’s economy.