CHICAGO (CBS) — With no debate, Chicago aldermen on Wednesday approved Mayor Rahm Emanuel’s plan to raise water and sewer taxes by nearly 30 percent to help shore up the city’s largest pension fund.
Aldermen voted 40-10 to approve the plan, which would add about $240 million a year in new revenue for the Municipal Employees Pension Fund, the largest of the four employee pension funds managed by the city, once fully implemented after five years.READ MORE: Two Chicago Police Officers Shot Near Gas Station In West Suburban Lyons
Emanuel thanked aldermen for having the courage to make the move.
“I commend those who voted, both in the past as it related to the Laborers’ Fund, Police and Fire, and today’s action, collectively; remarkably different point where Chicago’s financial picture has turned a page to a better position, and a better place. And the families that depend on it have depended on this council, and you’ve stepped up,” he said.READ MORE: Chicago Weather: Cool Changes