CHICAGO (CBS) — A top Chicago city official agrees with budget experts that a possible property tax hike alone will not end the city’s financial crisis, reports WBBM Political Editor Craig Dellimore.

Laurence Msall, head of the Civic Federation, told the City Club of Chicago luncheon that a reported half-billion property tax hike is a step in the right direction, but only one step.

“It’s not the full answer and it’s not going to be enough if that is what the mayor presents a week from Tuesday, I guess the 22nd is when his budget address is going to be, because we dug the hole so deeply,” Msall said.

City Chief Financial Officer Carole Brown wouldn’t confirm the size of the tax hike but didn’t deny it.
“We were all encouraged by just that press report that the impact that that had with our investors and with people who are watching the city and I think it underscored for us the importance of getting it right,” Brown said.

And she said Mayor Rahm Emanuel is looking to make reforms before he looks for more revenue.