10/23/2013 1:25:00 PM Chicago mayor presents $6.9B budget
CHICAGO (AP) — Chicago Mayor Rahm Emanuel says the city would be devastated if state lawmakers don’t pass pension reform by next year.
He says the city’s pension obligations would skyrocket, topping $1 billion in the next fiscal year.
Emanuel told the City Council when he presented his budget today that if state lawmakers don’t pass pension reform, the city will be forced with the choice of doubling property taxes or slashing city services.
Emanuel says the city can’t choose between a pension payment and public safety.
Emanuel laid out his $6.97 billion budget proposal that he says was balanced in part because of moves like raising parking fines and taxes on cigarettes. The budget also saves millions by cutting health care costs for employees or retirees.