Hazy Chicago Forecast – Rahm projects $426M shortfall in 2016 budget

By Fran Spielman – Chicago Sun-Times

Mayor Rahm Emanuel on Friday released a financial analysis that projects a $426 million budget shortfall in 2016, but only if three rosy and risky assumptions turn out to be correct.

The shortfall does not include a $328 million payment to police and fire pension funds that Emanuel conveniently left out of his pre-election budget. Add that in and the revenue gap grows to $754 million even with the risks the mayor is taking.

“With respect to the city, we’re combing through every vacancy. We zeroed out everybody’s non-personnel budget again. I want to see where that ends. And then, we’re gonna work through all the ideas the aldermen are bringing forward and all the ideas the public is bringing forward before we know where we’re going to land.” read more….