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The article reports on the issue regarding Michigan's $819.3 million budget shortfall for 2007. According to the state's officials, the filling of the budget shortage will play a key role in the management of the upcoming 2008 budget. Furthermore, officials are examining plans by Governor Jennifer Granholm in balancing on how to balance the current budget shortage.

The article reports on the budget proposal of Mayor Kwame Kilpatrick for the fiscal year 2007, which calls for more cuts in spending, in Detroit, Michigan. The proposed budget includes 1.29 billion dollars in operating expenditures and carries over a projected 63 million dollars shortfall from the current year. According to Kilpatrick, the city has implemented his proposed tax cuts to reduce the deficit in 2006, however, some of the initiatives were not met.

The article reports that Cook County, Illinois is planning to sell 335.3 million dollars of general obligation refunding bonds. the County board is planning to consider amendments to the proposed 3.1 billion dollar budget in a session that is bound to be contentious. Three members of the board are vying for the board president spot.

Reports on the plan of Michigan Governor Jennifer Granholm to use the economic incentives to make up the budget shortfall of the state for the 2005 fiscal year. Impact of the plan on the state's general obligation debt rating; Use of budget stabilization fund to bring back the current budget line; Restoration of the funding for colleges and universities.

The article reports that Michigan Governor Jennifer Granholm plans to release a budget for fiscal 2006 that includes technology and job promotion initiatives that would require nearly $2.5 billion in new bond issuance in the next 10 years. In her second state of the state address, Granholm outlined portions of her plan to promote new technology and construction in the state as a way to boost employment and education. Granholm also proposed the Jobs Today Initiative, a program to fast-forward the funding of $800 million worth of state infrastructure improvement projects, create new development options for cities, and create options for school districts to upgrade buildings.

Reports that Cook County, Illinois, Board of Commissioners president John Stroger has decided to seek an increase in the sales tax and the creation of a lease tax to hold off a projected shortfall in his proposed budget for fiscal year 2004. Factors that Stroger claims has forced him to undertake the two initiatives; Plan by the county to issue new-money general obligation bonds in late 2003 or early 2004.

Reports the approval of the U.S. Supreme Court on the constitutionality of the pilot school voucher program in Cleveland, Ohio. Benefits from the program; Use of public funds for religious and non-religious schools; Increase competition between public schools.

The article reports that public power and housing dominated issuance in the previous year for Nebraska. Power districts used new structures to fund projects as the state gears up for what could be an influx of new issuance for ethanol development. Governor Dave Heineman introduced his 2007-2009 budget when he delivered his address asking the Legislature to approve tax cuts. Nebraska's finances have improved prompting the state to revise its forecast upward for fiscal year 2007.

The article reports on Michigan Governor Jennifer Granholm's appointment of a panel of experienced professionals to review the state's financial situation and make recommendations on how to avoid future budget problems. Two former Michigan governors were included in a meeting of the Emergency Financial Advisory Panel.

The article reports on the plan of Detroit, Michigan, to sell $135 million of bonds in 2007. The city is also planning to explore its options for refunding. Through reductions in health care costs, the city has saved about $60 million. According to budget director Pam Scales, the administration is reviewing revenue requests from departments for its budget for the fiscal year 2008.

The article reports that Senate Minority Leader Bob Emerson has been appointed by Democratic Governor Jennifer Granholm as budget director effective January 3, 2007 in Michigan. Accordingly, Senator Emerson was chosen because of his 26 years of legislative experience and first-hand knowledge of the appropriations process to manage the budget, Granholm noted. After Emerson won in a special election in 1980, he served in the Michigan House, and represented the Genesee County Senate for 2 terms.

The article focuses on the spending plan of Ohio Governor Bob Taft for 2007-2008. The plan includes an increase in funding from tobacco settlement revenue for the state's school facilities program. The final capital bill signed by the governor is the final piece of the legislation that the legislature approved to address capital expenditures for 2007-2008. Various projects and appropriations funded by the bill are also cited in the article.

The article discusses a report released by a transition team which showed that Cook County, Illinois is facing nearly $600 million combined shortfall for fiscal 2006 and 2007. The report notes that the shortfall exceeds estimates released in September 2006. County officials have warned that failure to address the shortfall could result to a $136 million operating deficit in fiscal 2006.

The article reports that Mike Fahey, Mayor of Omaha, Nebraska, has revealed a $485.6 million fiscal 2007 budget that included plans to issue up to $50 million of bonds. The bonds will be used to pay for a study that will pinpoint the cost and needs for upgrading the city's sewer system over the next 15-20 years.

The article reports on the approval of a $1.4 billion budget for fiscal 2007 by the Detroit Public Schools (DPS) in Detroit, Michigan. The district approved the budget with a 10 percent cut in wages for non-union employees and a host of job cuts. DPS announced that it would cut about 800 positions in the coming year to adjust its staff.

The article reports on the plan of Columbus, Ohio to bring up to 80 million dollars of bonds to market in late July 2006 as the city is planning to increase its budget in coming years. Sanitary and sewer projects will be funded by the deal. The city is planning to provide the liquidity that will back the debt.

The article reports on the debates concerning budget proposals for 2007 in Cook County, Illinois. The region has suffered deficits on their budget in the later part of 2006, this has made the arguments within the Board of Commissioners to either focus on the shortage or make strong budget plans for next year. The financial problem has also been added with the organization's president John Stroger health problems that left questioning whether the officer can continue serving the public.

The article reports that the Cook County Board of Commissioners has approved a budget for fiscal 2006 that depends in part cigarette tax increase to close a 95 million dollar revenue gap. A two dollar increase of cigarette tax will become 4.05 dollar in federal, state, city and county taxes on one pack of cigarettes. The board has also found funds in the budget that meet a court mandate for hiring guards at the county's jail.

The article reports on Michigan governor Jennifer Granholm's introduction of a $42.6 billion budget for fiscal year 2007 that aims to address a $408 million shortfall and proposes only about $100 million of bonding for capital projects. The budget comprises $9 billion for the general fund and $13.1 billion for the School Aid Fund. It is based on revenue estimates in January 2006 that showed two percent growth in the general fund revenues for fiscal year 2007 and a 3.2 percent increase in the School Aid Fund.

The article reports on the views of analysts regarding the 2006 budget of the Michigan state. The budget appears to be on strong footing following the state's approval of a tax cut packages. The tax cut is aimed at retaining and creating jobs. Legislators have approved the package that includes tax incentives for manufacturers. The package also contains first new bonding for higher education capital projects in several years. The package will compliment a plan approved earlier in 2005 to issue bonds backed with tobacco revenues.

Reports developments involving the bond market in the Middle West as of September 2005. Establishment and expansion of harbors in Illinois to accommodate growing demand and raise additional revenue; Affirmation of an A2 rating by Moody's Investors Service for Gunderson Lutheran's multimillion debt in Wisconsin; Increase of budget proposal for property tax in Milwaukee.

Reports on the expectation for legislators to finalize a 2006 budget and capital plan in Omaha, Nebraska. Focus of the budget to restore cuts made in previous years; Intention of the legislators to propose a referendum for bonds for capital improvement projects; Anticipation for the move of Mayor Mike Fahey to veto several items in the budget approved by the City Council.

The article reports that the Omaha City Council is set to vote in June 2005 on a plan to shift unanticipated surplus revenues the city realized in fiscal year 2004 to a contingency fund. The city also plans to use about $868,000 of the unanticipated $4.2 million surplus to pay employees who agreed to a pay freeze when the budget revenues were weaker. In its nearly completed audit, Omaha noted growth in 2004 sales tax revenue of about 6%. according to finance director Carol Ebdon. Omaha, with a budget that runs on the calendar year, will pay out the incremental sales tax amount in 2006.

The article states that Detroit Mayor Kwame Kilpatrick is expected to veto changes to his $ 1.4 billion budget that the City Council approved. The council agreed with about $128 million of cuts that Kilpatrick proposed when he introduced his 2006 budget in April 2005, but added about $102 million of cuts of its own. The council projected a $300 million shortfall by the end of the 2005 fiscal year. It rejected about $70 million of revenue increase and budget cuts, assumptions that members said are not realistic.

The article reports that local schools in Indiana might have to delay construction projects, as they would have to adjust to the new funding formula approved by Indiana administration, along with a US$24 billion budget that will carry over a US$132 million shortfall in fiscal 2006. The new formula begins in January 2006, with funding increasing in the coming biennium. Urban districts, particularly, could hold off on funding capital projects if revenues for operating expenses go down.

Reports on Indiana's tax revenue as of March 2005. Claim that individual income tax grew while other large sources of tax revenue were lower than anticipated; Plan of the State Budget Committee to have a meeting to update the revenue forecast for 2005-2007.

Reports that the Ohio House was expected to approve its version of the state budget which kept many of the key tax changes proposed by governor Bob Taft. Criticism against Taft for not taking more initiative to make changes in the state's school funding system; Proposal to increase sin taxes on cigarette and alcoholic beverages as well as increasing a statewide real estate transfer tax to balance some of the tax cuts.

Reports on the increase in the overall bond issuance due to one higher education deal in South Dakota. Expectation for the state to experience a bigger jump as the state considers legislation that would allow bond issuance for expanding electricity infrastructure; Presentation of Governor Michael Rounds of his proposed 2006 budget; Proposal of a legislation by rounds that would allow the state to issue bonds to build infrastructure for expanding electricity capacity.

Reports on the increase in the overall bond issuance in Ohio. Expectation of the state to continue the trend with more funds allocated toward school construction; Detection of the impact of the state budget on debt issuance; Move to cut the budget in higher education; Focus of Governor Bob Taft on tax cuts in his 2006-2007 biennial budget.

Focuses on the views of new Nebraska Governor Dave Heineman on the state economy. Claim of Heineman that the state economy offers reasons for caution; Projected budget of the state for 2006; Detection of the growing economic strength of the state; Plan of the state to expand grant and loan options for small businesses.

Reports on the preparation for additional bond issuance in the effort of Governor Jennifer Granholm to boost the economy and create jobs in Michigan. Budget proposal including the introduction of Medicaid provider tax, an increase in liquor license fees and the rollback of nine tax exemptions; Government program to use bonds to fund grants and loans for companies and universities planning to develop new technology; Revamp of the school bond loan fund.

Focuses on the initiatives carried out by lawmakers to stabilize structural imbalance in Indiana. Factors threatening the state's revenue; Options proposed by legislators to fix the state's budget; Statement of Governor Mitch Daniels on the need for quick actions.

Reports on the release of the capital appropriations plan by Ohio Governor Bob Taft for fiscal years 2005 and 2006. Amount of bonds to be funded; Increase in the budget compared to previous fiscal years; Approval of the legislature of a portion of the capital spending measures; Possibility for several state agencies to experience considerable reductions in their capital appropriations.

Reports on the improvement of the debt of Flint, Michigan by Moody's Investors Service. Increase of the rating on unlimited-tax general obligation; Reflection of the stability in the budget; Use of the proceeds from the sale of financial recovery general obligation bonds to shore up the 2005 budget.

Reports on the biennial budget proposal of Nebraska Governor Mike Johanns. Proposed settlement payment with the federal government from general fund reserves; Proposed amount for general fund appropriations in fiscal year 2006; Average budget increase.

The article reports that four teachers from the Detroit Public Schools have planned to sue the schools, charging that chief executive officer Kenneth Burnley and the district's move to lay off the teachers due to budget cuts violated fair labor practices.

The article reports that Cook County, Illinois, Board President John Stroger introduced a $3.04 billion fiscal year 2005 budget proposal that seeks to establish a 2% hospitality industry tax and an amusement tax to close what he said is a $73 million budget shortfall. Stroger's budget would place a 2% tax on hotel and motel rooms and on prepared food and beverages in the county. The budget also seeks a $200 per decal fee on automatic amusement devices, such as video games in bars. The taxes would bring in $75.5 million.

The article reveals that the Cook County, III., Board of Commissioners yesterday approved a continuing budget resolution, allowing the county to continue to pay its bills despite an effort to push board President John Stroger to introduce his fiscal 2005 budget first. The resolution allows the county to continue paying its bills in the new fiscal year, which began yesterday, even without a new budget. Stroger has yet to introduce the budget, but yesterday said he has worked with his administration to reduce what had been a projected $252 million shortfall to closer to $100 million.

Reports on Cook County, Illinois board president John Stroger's proposed tax changes to balance a shortfall in the fiscal 2006 budget. Estimated shortfall in the budget; Proposed increase in sales tax; Proposed taxation for equipment leasing.

The article reports that U.S. based Moody's Investors Service Inc. has improved its outlook to stable from negative on Ohio following its recent $120 million general obligation bond sale. Fitch Ratings affirmed its AA-plus rating on the state's general obligation debt. Standard & Poor's Corp. affirmed its AA-plus rating. The state faces a $ 1.8 billion budget shortfall as it begins to work on the 2006-2007 biennial budget. The state delayed approving the entire capital bill and only approved expenditures for about one year.

The article presents information on several financial deals and developments in the United States. The Illinois State Toll Highway Authority board last week approved a tentative budget for 2005, the first year of a massive 5.3 billion dollars. Moody's investors Service Inc. placed HealthEast Care System's below investment-grade Ba2 credit on its watch list for a possible upgrade. The Iowa Board of Regents will vote on a proposal by the University Hospitals in Iowa City to sell 75 million dollars of new debt as part of a 740 million dollars, 10 year capital plan for maintenance and upgrades to its facilities.

Reports on the fiscal 2004 budget of the state of Indiana. Overall reserve balance of the state; Structural shortfall; Projected property tax relief.

Reports on Michigan lawmakers' debate on the final bills that make-up the fiscal 2005 budget. Proposed increase in cigarette tax; Republican-led Legislature's proposal to increase gaming taxes.

Reports on the failure of the Detroit City Council to override vetoes of Mayor Kwame Kilpatrick on some items in the 2005 budget in Michigan. Approval of the budget of the city by the council; Inability of the council to override the veto on the plan to reduce the number of layoffs; Need for the council to consider the ordinance that would allow the city to issue certificates for unfunded pension liabilities.

Reports on the shortfall in education funds because of underestimated enrollment and a tight budget in Ohio. Reason why private school students are returning to public schools; Protest staged by a group of local school officials and education advocates on the education funding system.

Reports on the claim of state leaders that a viable recommendation on future school funding could come a year later than the original deadline set by governor Bob Taft in Ohio. Outlook given by rating analysts to K-8 public school districts; Aim of Republicans to work out the school funding solution in conjunction with the state budget; Need of school districts to anticipate future revenue needs and get voter approval for debt.

Focuses on the rejection of several items proposed by Governor Jennifer Granholm to balance the fiscal 2005 budget as decided by Michigan House Republicans. Increase in the markup price on liquor; Maintenance of the estate tax on property; Elimination of the projected budget deficit.

Reports on Detroit, Michigan Mayor Kwame Kilpatrick's proposal of laying off 377 workers in April 2004, to make up for a projected budget shortfall in the fiscal 2005 budget. Estimated amount of the shortfall; Breakdown of the proposed budget; Government offices expected to be affected by the proposal.

Reports that Fitch Ratings has removed the Detroit Medical Center from its watch list. Improvement in the 2004 fiscal budget; Debt of the medical center through the Michigan State Hospital Finance Authority; Net loss.