(CBS) — Chicago could have a Lollapalooza every month and still there wouldn’t be enough money to balance City Hall’s budget next year.
The Emanuel administrations’ own new estimate shows a ballooning deficit of $754 million. Half of that is tied to Springfield’s doing nothing about public worker pension reform.READ MORE: Chicago Weather: Shower Chance By Daybreak
The Civic Federation fears the situation will cause lasting harm to Chicago.READ MORE: Postal Worker Tells CBS 2 Staffing Issues Due To Federal Leave, Prioritization Of Package Delivery Are In Part To Blame For Persistent Mail Problems
“Now the City Council and now Mayor Emanuel face the very difficult challenge of not raising property taxes so high that it drives the businesses and the residences away from the city,” says Laurence Msall, president of the research organization.
Chicago’s bad news budget and tax plan is due at the end of September.MORE NEWS: Shock And Outrage In Humboldt Park At Death Of Young Parents Yasmin Perez, Gyovanny Arzuaga In Shooting Called 'Execution-Style'