To avoid having the tax increase fall…
Both Standard & Poor’s and Fitch Ratings said this week they could downgrade Chicago’s BBB-plus general obligation ratings if the city does not adequately address escalating pension payments.
The tax, which would rake in an estimated $588 million for city coffers over the next four years, is the highest proposed hike in Chicago’s history.
Pension requirements present a formidable challenge to the city.
To soften the blow, he pitched an exemption for those whose homes are worth $250,000 or less. That is why we support the administrations’ efforts to expand the Homestead Exemption in Springfield.
However, Gov. Bruce Rauner has pushed for a property tax freeze.
Mayor Rahm Emanuel proposed a budget on Tuesday that includes the biggest-ever city property tax hike to cover increased contributions to public safety worker pensions. The problems intensified over years because leaders didn’t contribute enough to pension funds and continued questionable borrowing tactics.
The complaint, filed in Cook County Circuit Court, asks a judge for an injunction to force the former White House chief of staff to produce documents, as well as having him declared in violation of the Illinois Local Records Act. He also proposed privatizing Chicago’s 311 service, which is used as an information and service request line, to save $1 million annually. Recognizing all the political risks that come with approving the tax hikes and fees, Emanuel offered Chicago aldermen a pep talk of sorts.
“I assure you, there is not a businessperson who is thinking today that they wish (Chuy) Garcia had won” the mayoral race, a City Hall insider says. “But there’s a choice to be made”.
“We just received the complaint and have not yet had the opportunity to review it”, she said.
“I don’t know what the other options are”, said Alderman Will Burns. 35th Ward Alderman and Progressive Reform Caucus member Carlos Ramirez-Rosa called the rules a giveaway to Emanuel’s brother Ari, an Uber investor. Emanuel has not said how much that would rise under his plan, or if any relief would be expanded statewide.