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This time, the point of contention was the mayor’s plan to abolish four tax-increment-financing districts as part of declaring a record $300 million TIF surplus to help balance the city budget and bankroll the new teachers contract.
Three TIFs — Harlem Industrial, Pershing/King and South Works Industrial — were abolished without controversy by the City Council’s Finance Committee.
Summary and audio linked here.
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.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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