The overhaul approved by lawmakers sought to eliminate a $9.4 billion unfunded pension liability by cutting benefits and increasing contributions. It would affect about 61,000 city employees and retirees.
Members of Local School Councils from around the city have called on local leaders to stop pointing fingers in regard to the Chicago Public Schools’ budget situation, and find a way to reverse the budget cuts affecting neighborhood schools.
A day after Gov. Bruce Rauner told Illinois House Speaker Michael Madigan to either fall in line with his agenda or pass a tax hike on his own, Mayor Rahm Emanuel is warning Rauner that doing so was a bad move.
Public school teachers were raising their voices against Mayor Rahm Emanuel’s leadership of the district; in particular his proposal to help shore up CPS finances by having teachers pay the full cost of their individual pension contributions, most of which is now paid by the district.
Cook County Board President Toni Preckwinkle said Tuesday she will present a preliminary budget plan that includes a proposal to increase the county sales tax she spent years rolling back.
The Chicago Public Schools and its teachers face two deadlines on Tuesday: their three-year contract expires at midnight, and a $634 million pension payment is due by the end of the day.
Mayor Rahm Emanuel is rejecting Gov. Bruce Rauner’s offer to advance $450 million in state funds to help Chicago Public Schools make a $634 million pension payment.
Gov. Bruce Rauner is offering to accelerate state grant payments to help cash-strapped Chicago Public Schools make a $634 million pension contribution, according to a summary of the proposal obtained Sunday by The Associated Press.
A top financial analyst said bond rating agencies probably won’t be troubled by the Chicago Board of Education’s vote to borrow more than $1 billion to help the Chicago Public Schools address a massive budget crunch in the coming year.
Illinois Democrats’ cross-party dispute in the state Capitol turned internal Tuesday when the majority party in the House failed to approve giving cash-strapped Chicago Public Schools a six-week reprieve on making a $634 million pension contribution.
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.
Mayor Rahm Emanuel said officials at City Hall are working on what they can do to shore up the city’s underfunded public employee pension funds, after an Illinois Supreme Court ruling overturned the state’s pension overhaul.
The decree puts new Republican Gov. Bruce Rauner and Democrats who control the General Assembly back at the starting line in trying to figure out how to wrestle down a $111 billion deficit in what’s necessary to cover its state employee retirement obligations.
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.
Illinois Supreme Court justices asked the state’s lawyer to explain Wednesday how the government can seek extraordinary power to reduce public pension benefits in the face of a fiscal crisis when the government itself is culpable for the financial mess.
The Republican’s first State of the State address, scheduled for noon Wednesday before the General Assembly in Springfield, comes as some state agencies and programs already are running out of money this year and with Illinois facing an even greater budget gap next year.
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.
Current and retired city workers and their labor unions have filed a lawsuit arguing a law overhauling Chicago’s pension systems is unconstitutional. The lawsuit filed Tuesday in Cook County Circuit Court also asks a judge to stop the law from taking effect Jan. 1.
The case involves the pension fix lawmakers and Gov. Pat Quinn adopted last year. The law cut retirement benefits and made other changes to help fill a $111 billion deficit in five state pensions systems caused by years of state underfunding.