Bonds

Illinois chipped away at its long-term obligations in fiscal 2022 with healthy tax revenue growth and federal funds allowing the state to halt a decade long dive deep into negative territory, according to a recently published interim audit. The state’s net position of governmental activities, which covers government services and tax collections and provides a

Municipals were a little firmer in some spots while Treasuries rallied across the board, with yields falling double-digits following the Federal Reserve hiking rates 25 basis points. Equities ended up. “Investors are acknowledging that the Fed is nearing the end of its rate tightening cycle which is supporting a relief rally in stocks and lower

Bolingbrook, Illinois, was downgraded seven notches by S&P Global Ratings, which cited the Chicago suburb’s unwillingness to cover shortages on unrated sales tax revenue bonds as a management and governance risk. The village of 73,000said the downgrade “sets a harmful and disruptive precedent for any credit secured by specific revenues that do not pledge the

Puerto Rico’s general fund net revenues were 28% above projections in December and 14% higher than those of December 2021. Through the first six months of the fiscal year, net revenues came in 14% ahead of projections and 3% ahead of July to December 2021, according to the Puerto Rico Department of the Treasury.  Net

The long-stalled New York-New Jersey Gateway project will receive just under $300 million in federal funds — the first tranche of what could be billions in federal aid — to help complete early stages of a massive project that President Joe Biden Tuesday called “a national priority.” The Gateway Program is “one of the biggest

In the midst of a supply and demand quandary — with the Federal Open Market Committee announcement looming on Wednesday — the municipal market began the week with a lackluster feel. That tone combined with the weakness in Treasuries on Monday — as investors were likely unwinding their longer-term trades and sitting on the sidelines

Chicago’s fiscal progress on structural balance and pensions drew rating upgrades and high-grade investors to recent bond deals but easing the longer term strains of pensions will require state intervention, Mayor Lori Lightfoot said.   Whether the city’s fiscal momentum can help Lightfoot win a second term is uncertain. She faces eight rivals vying for

Merger activity among not-for-profit and for-profit hospitals dipped for a fifth consecutive year in 2022, with mega-mergers in the forefront of a sector dealing with operating challenges from inflation, a nursing shortage, and patient volume trends. Announced mergers and acquisitions dropped to 55 last year from 73 in 2021, continuing a downward course since 2017

Treasury Secretary Janet Yellen said the only solution to avoid a U.S. default crisis is for Congress to increase the federal debt limit, avoiding engaging with other proposed stopgap measures including short-term extensions or spending cuts. “It’s overly necessary for Congress to raise the debt limit, and I hope they do so in a timely

Municipals were steady, down a basis point or two in spots, ahead of a paltry new-issue calendar, courtesy of next week’s Federal Open Market Committee meeting. U.S. Treasuries were slightly weaker and equities ended in the black. The three-year muni-UST ratio was at 54%, the five-year at 57%, the 10-year at 62% and the 30-year

Republicans have finalized their roster of subcommittee chairs for the powerful House Ways and Means committee, one of the municipal market’s key panels. Pennsylvania Republican Rep. Mike Kelly will lead the newly-renamed tax subcommittee, formerly known as the Select Revenue Measures subcommittee, which writes tax policy and oversees tax collections. The position puts him in

The city of Miami and the county of Miami-Dade continue to rebound from the pandemic with unprecedented economic growth coupled with record low unemployment rates. Miami-Dade County Mayor Daniella Levine Cava unveiled plans to create an authority to fund innovation while Miami City Mayor Francis Suarez focused on the environment and housing affordability. The Miami-Dade

Loma Linda University Children’s Hospital was awarded $135 million in grant funding by the California Health Facilities Financing Authority that it will use to expand pediatric programs in several counties. The grants are funded by issuing bonds through the Children’s Bond Act of 2018, a voter-approved bond measure that authorized the state to issue $1.5

Municipals were steady Thursday in the secondary market while an $830 million deal from the Triborough Bridge and Tunnel Authority took focus in the primary. U.S. Treasuries yields rose after the fourth-quarter gross domestic product report was better than expected and equities ended up. The three-year muni-UST ratio was at 54%, the five-year at 57%,

Budget surpluses fattened by gluts of federal spending have 25 state government slooking at income tax cuts, which has some public finance experts concerned. The comments came during a media call hosted by the Center for Budget and Policy Priorities and the Institute on Taxation and Economic Policy on Thursday. “These cuts are going to

York County, South Carolina, priced $24.6 million of revenue bonds Wednesday to recoup costs incurred by the county to take over of a private water utility operation. The proceeds will cover a portion of the $36 million price tag York County paid to take over private firm Blue Granite Water’s water utility operations in the

Genera PR was approved to oversee Puerto Rico’s electricity generation. Gov. Pedro Pierluisi and the Puerto Rico Oversight Board both announced Wednesday they approved the selection. Genera PR is a subsidiary of New Fortress Energy. The company is a liquefied natural gas company, which, among other things, builds LNG import facilities. It plans to transform

Roger Millar, AASHTO’s new president and chief of Washington’s Department of Transportation, joins Caitlin Devitt to talk about the rollout of the Bipartisan Infrastructure Law, how a tight labor market and inflation are impacting capital plans, what a divided Congress means for transportation and an update on the Pacific Northwest’s high speed rail project. (24

Municipal bond issuers are worried about what the recently passed Financial Data Transparency Act is going to cost them to implement, they said at a recent industry gathering. “We are concerned about having to purchase new equipment or new software packages,” said Barry Fick, executive director of the Minnesota Higher Education Facilities Authority. “You get

Connecticut’s surplus projection for the current fiscal year received a $324.7 million boost. The Connecticut Office for Policy and Budget Management’s recently announced forecast for fiscal 2023, which runs through June, projects general fund revenue of $23.2 billion. Compared to December’s projections, revenues are up $265.3 million and expenses are down $59.4 million. That $324.7