Civic Federation Supports Proposed FY2019 Chicago Budget as a Reasonable One-Year Plan – The Civic Federation

“This budget continues to incorporate many of prudent financial practices prioritized by Mayor Emanuel and the City Council in recent years,” said Civic Federation President Laurence Msall. “However, there remains an enormous elephant in the room—a projected doubling in required pension contributions over the next five years—that the next administration and City Council must tackle.”

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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