Chicago Near Bankrupt: Emanuel wants property tax hike, but he wants the state to do it

The Chicago Sun-Times reports:

Next year, state law requires the city to make a $600 million contribution to stabilize police and fire pension funds that now have assets to cover just 30.5 and 25 percent of their respective liabilities.

That will require a painful mix of new revenues and employee concessions that only the General Assembly can mandate.

Last Friday, the mayor held a 2.5-hour meeting with the Illinois House Speaker Michael Madigan and Senate President John Cullerton, both Chicago Democrats, to outline the magnitude of the problem and propose solutions.

Emanuel wants the General Assembly to impose annual property tax increases on Chicago homeowners and businesses, but put off the balloon payment to shore up police and fire pensions until 2023 to make the bitter pill easier to swallow.

He wants an General Assembly that has already solved the Chicago Park District’s pension problems to use that plan as a road map for other city unions.

And he wants lawmakers to impose the same pension reforms on Chicago teachers that they did on teachers in the suburbs and Downstate.

Emanuel’s office refused to discuss the pension plan outlined at Friday’s meeting, except to issue an email that said, “The Mayor regularly meets with the legislative leaders to discuss the city’s agenda in Springfield including pensions.”

The courage of Rahm Emanuel. The great moments of one party government.