UPDATE: 3:42 p.m.
CHICAGO (CBS) — Governor Quinn signed legislation Monday to overhaul the City of Chicago’s pension system.
The pension reform plan, proposed by Mayor Rahm Emanuel and approved by lawmakers two months ago, would open the door for the city to raise property taxes by $50 million a year for five years.
In a signing statement, Quinn says he strongly opposes raising property taxes to stabilize city pension funds, but that he believes, “Officials of local government units in Illinois should determine their own fiscal and revenue policies in order to be directly accountable to their constituents.”
Mayor Rahm Emanuel says he is willing to examine alternatives to an increase in property taxes.
“We’ve taken property taxes off the table for year one. We now have time for other people to give ideas, we’re gonna find reform and efficiencies in the budget as I have for each of the past three years,” Emanuel told CBS 2’s Jay Levine.