Schools are already out for the summer, but this Friday marks the final business day in Chicago Public Schools’ fiscal year, and with that comes a looming $700 million payment the district owes to its teacher pension fund.

Facing an ongoing lawsuit brought by Chicago Public Schools and increasing calls to restore vetoed funding to the cash-strapped school district, Gov. Bruce Rauner is urging “swift action” to enact statewide pension reform in a new Republican-led bill.

Under pressure to send Chicago Public Schools cash following a social media lashing from Chance the Rapper, Gov. Bruce Rauner’s administration is intensifying pressure on Chicago Mayor Rahm Emanuel and Democrats to act.

The conservative Illinois Policy Institute unveiled a plan Tuesday that promises to fill Illinois’ $7.1 billion budget hole, without any increase in taxes. 

CPS teachers, staff and central office employees will not work four separate school days spread throughout the rest of the school year as the district continues looking for cost-cutting measures to balance its 2017 budget.

Speaking before a group that opposed the recent bill to raise electric rates and bail out two failing nuclear plants, Gov. Bruce Rauner explained why he supported it.

Gov. Bruce Rauner has vetoed legislation that would have provided Chicago Public Schools with $215 million in pension relief funding, blowing a massive hole in the district’s 2017 budget.

Mayor Rahm Emanuel wants to slap a tax on water and sewer bills. We take a closer look at the proposal with a panel of aldermen. 

After the big property tax hit, another new tax may be on the way for weary Chicagoans. Find out how much it might cost and why the mayor says it's necessary.

Can state lawmakers craft a constitutional fix for the Illinois public pension problem? We talk with one man who has a plan.

In a surprise move, Chicago's City Treasurer Kurt Summers joins the chorus calling on the mayor to sue big banks over controversial swap deals that have cost taxpayers millions of dollars. 

State Republican leaders unveiled a $1.3 billion spending plan Thursday that they say will be a “lifeline” for social services and other programs that have struggled financially in the ongoing budget impasse.

As Mayor Rahm Emanuel does an end-run around his own civilian police board to appoint a new interim police chief, “Chicago Tonight” asks a panel of aldermen to assess the power of the mayor in a post-Laquan McDonald world.

Last week, the Illinois Supreme Court dealt Mayor Rahm Emanuel a huge blow, overturning reforms to two pension funds for city workers. The city argued reforms guaranteed previously unsecured retiree benefits, but the state’s high court wasn’t having it.

The Illinois Supreme Court dealt Mayor Rahm Emanuel a major setback Thursday in his efforts of saving two of the city’s four public employee pension funds, which city officials say could go broke within the next 15 years.

After the Illinois Supreme Court ruled a pension reform plan unconstitutional, lawmakers have failed to come up with a solution to a problem that worsens with each passing day. Could some form of federal bailout or bankruptcy restructuring be the answer for Illinois?