Worst-case scenario: Chicago budget gap could reach $1.9 billion by 2026 – Chicago Sun-Times

The new mayor’s “multi-faceted approach” to closing the gap calls for “expenditure review, revenue enhancement measures and potential reallocation of resources,” the press release stated. The press release doesn’t mention his plan to ask the City Council to repeal the automatic escalator. It simply emphasizes his focus on “minimizing the impact on vital public services and ensuring that the burden of closing the budget gap is borne as fairly as possible.”
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Giddyap
2 years ago

If they admit to $1.9B it’s more like $4B

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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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