Chicago Could Have a $1 Billion Pension Hole

Crain's Chicago Business reports:

Mayor Rahm Emanuel faces a hole of at least $426 million in the 2016 city budget he soon will unveil, but in reality the deficit in city finances over the next year could approach $1 billion, depending on what happens with his bill in Springfield to revamp police and firefighter pension plans.

That's the bottom line on new financial data released today by city officials, which strongly suggest Emanuel is likely to propose a record nine-figure property tax hike in the proposed budget for 2016 that he will unveil in mid-September.

The great moments of one party rule, since 1931.