City’s budget is short $754M -Pension, revenue demands may lead to higher property taxes

By Hal Dardick – Chicago Tribune

Mayor Rahm Emanuel must come up with at least $754 million in new revenue and budget cuts to balance the city’s books, according to preliminary 2016 budget estimates the administration released Friday.

The $426 million budget gap projected for next year breaks down into three parts: $233 million for day-to-day city operations, a $93 million increase in payments to all four city pension funds and $100 million to pay down debt instead of push it off into the future at higher cost. read more…..