Chicago City Budget
Facing a $1 billion shortfall in its operating budget, and a combined $20 billion pension deficit, the mayor said he’ll introduce his budget to the City Council in September, instead of October, so aldermen can give him their ideas for confronting the crisis.
Ralph Martire, director of the Center for Tax and Budget Accountability, said the latest downgrade to junk bond status will cost the city an additional $200 million to $300 million, on top of its existing budget deficit and employee pension fund shortfalls.
At a City Hall press conference, City Clerk Susana Mendoza and three aldermen who back the mayor rolled out a couple of hand trucks of budget books and audits they claim mayoral challenger Jesus “Chuy” Garcia could use to craft his budget plans.
Saying the city is teetering on a financial cliff, mayoral candidate Jesus “Chuy” Garcia on Friday outlined the first specifics of his budget plans, though he remained vague on key details.
Mayoral challenger Jesus “Chuy” Garcia said Mayor Rahm Emanuel needs to answer tough questions about how he plans to handle the city’s financial woes.
Mayor Rahm Emanuel and his challengers addressed the city’s budget and crippling pension debt in their second formal debate on Friday, and the mayor left the door open just a tiny bit on a possible property tax hike.
Mayor Rahm Emanuel’s $8.9 billion budget plan won overwhelming approval from aldermen on Wednesday, although there were some ripples of criticism along the way, particularly from mayoral challenger Ald. Bob Fioretti (2nd).
As aldermen prepared to approve the mayor’s 2015 budget plan on Wednesday, retired city workers were complaining they would be hurt by health care premiums included in the spending plan.
Fire Commissioner Jose Santiago said lawsuits over hiring practices have been to blame for staffing shortages that led to as much as $43 million in overtime costs this year.
The mayor also warned aldermen the city his efforts to avoid raising property taxes has been put in jeopardy by the continuing pension crisis in Illinois.
Chicago’s cable television customers will see a modest increase in their monthly bills, thanks to a modified amusement tax exemption tied to Mayor Rahm Emanuel’s 2014 budget.
Mayor Emanuel told a reporter he has a long history dating back to his early White House days of using cigarette taxes to pay for healthcare.
Chicago aldermen overwhelmingly approved Mayor Rahm Emanuel’s $8.3 billion budget plan on Thursday.
Ald. Sandi Jackson (7th) — who reportedly is under investigation for possible improper campaign finance activities along with her husband, Congressman Jesse Jackson Jr. – did not show up for the City Council’s final budget vote on Thursday, two days after the congressman was released from the Mayo Clinic.
As City Council budget hearings continued Wednesday, Mayor Rahm Emanuel was trying to deflect aldermanic calls for more police officers than already planned.
The City Council’s Budget Committee held its first hearing Tuesday on Mayor Rahm Emanuel’s $8.3 billion budget plan for next year.
Members of the Chicago City Council’s self-described “progressive caucus” said the mayor’s office isn’t giving residents enough of a chance to discuss the city budget, so they’ll hold more budget hearings of their own.
I have a subway story to tell you; on the Red Line this morning, the train talk was all about cops, cops, cops, cops. Kind of like President Barack Obama and Mitt Romney talking all about jobs, jobs, jobs.
Mayor Rahm Emanuel said he’s willing to listen to aldermen’s suggestions as they pore over his proposed budget, but there are some ideas the mayor said will generate an instant “no.”
Mayor Emanuel presented a $8.3 billion budget on Wednesday that holds the line on taxes and fees and eliminates a nearly $300 million deficit.