Emanuel To Seek $500M Property Tax HikeMayor Rahm Emanuel will seek a massive property tax hike later this month, as he seeks to shore up police and firefighter pension funds, and close a $750 million budget hole.
Preckwinkle: Sales Tax Hike Necessary To Keep County AfloatCook 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.
Emanuel Rejects Rauner Plan To Advance $450M To Chicago SchoolsMayor 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.
House Defeats Delay In CPS Pension PaymentIllinois 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.
Budget Watchdog: City's Junk Bond Status Could Cost Up To $300 MillionRalph 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.
Emanuel: City Coming Up With Plan B For Pensions After High Court RulingMayor 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.
Garcia Gives Some Details On Budget Plan, Still Mum On RevenueSaying 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 Justices Press State's Lawyer On Pension OverhaulIllinois 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.
Garcia: Maybe Emanuel And Rauner Should Fix Budget Over A Bottle Of WineMayoral challenger Jesus “Chuy” Garcia said Mayor Rahm Emanuel needs to answer tough questions about how he plans to handle the city’s financial woes.
Emanuel, Rivals Spar Over Budget, Pensions At Second DebateMayor 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.
Illinois Supreme Court Allows Speedy Pension AppealThe 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.
BGA: Suburban Police, Fire Pension Fund Shortfalls Total $3.3 BillionPolice and fire departments across suburban Cook County might be in line for some budget cuts, as huge pension problems loom, according to a report from a government watchdog.