Property Tax Hike
Aldermen have approved a plan to hike the city’s monthly 911 surcharge on phone bills by 56 percent to help shore up the city’s pension funds, and avoid a property tax hike before next year’s elections.
Mayor Rahm Emanuel defended the Chicago Public Schools’ use of what some would call a fiscal “gimmick” to balance its $6.8 billion budget for next school year.
Mayor Rahm Emanuel said he has lined up enough City Council support to increase the monthly surcharge added to phone bills in Chicago, as part of the effort to address the city’s pension crisis.
It’s deadline day for Gov. Pat Quinn. He has until midnight to decide how to act on legislation to overhaul some of Chicago’s underfunded employee pension systems.
A plan to overhaul some of Chicago’s underfunded employee pension systems could spell a long weekend for Gov. Pat Quinn, who has until Monday to decide what to do with the legislation on his desk.
Mayor Rahm Emanuel essentially told Gov. Pat Quinn on Thursday, “I scratched your back, now you scratch mine,” when it comes to pension reform, amid signs the governor might veto or significantly alter legislation to reform two city pension funds.
Gov. Pat Quinn’s offer to give cities a bigger cut of income tax revenues to help with pension debts without raising property taxes met with a lukewarm reception from the Emanuel administration.
The legislation sponsored by House Speaker Michael Madigan overcame earlier resistance after the Chicago Democrat removed language mentioning the tax increase. Opponents feared they’d be blamed for a Chicago tax increase.
A fast-tracked plan to overhaul two Chicago city-pension programs slowed in the Illinois House Thursday, as nervous lawmakers said they fear backlash for a massive property-tax increase even if they don’t directly approve it.
Mayor Rahm Emanuel’s plan to reform two underfunded employee pension systems quickly took its first step toward approval in the Illinois General Assembly on Wednesday.
Mayor Rahm Emanuel has proposed raising property taxes by $250 million over five years as part of a pension reform plan that also would require city workers to pay more toward their pensions.
The referendum would have provided $13 million in funding for programs to help disabled residents who have been impacted by state budget cuts.
Chicago Public School officials have unveiled their budget plan for next school year, seeking to fill a $665 million deficit with a property tax hike, personnel cuts and some one-time revenue.
The Chicago Public School System has not yet released its budget for the coming school year, but property taxpayers are already going to pay more.
Several hundred students, their parents and staff from the two schools in West Northfield District 31 marched and rallied Tuesday, urging voters to approve a tax increase.
A small public school district nestled among two wealthy Chicago suburbs is in serious financial trouble. West Northfield Elementary School District 31 is surrounded by Northbrook and Glenview on the North Shore. It has only two schools and severe cuts are looming if they don’t get more money.
The Chicago Board of Education has approved a plan to raise property taxes in Chicago to help eliminate a $712 million budget hole.