The proposed rules are part of a wider effort, which includes a controversial property tax hike and new garbage fees, to close a $426 million gap in next year’s operating budget and fulfill the city’s overdue pension obligations.
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After that, in the mayor’s highly contingent pension reform plan, payments to the city’s four funds grow steadily, from $880 million this year to $1.6 billion in 2020.
Emanuel laid out a 2016 budget plan filled with tax hikes and budget cuts on Tuesday in an attempt to fix a financial crisis linked to the city’s unfunded pensions.
This week, the Tribune filed its lawsuit in Cook County Circuit Court, demanding that former Obama chief of staff Emanuel release his email to comply with the state’s Freedom of Information Act. The lease was inked under then-Mayor Richard M. Daley in 2003 and allowed the restaurant to get free gas and garbage collection and not pay property taxes. “We have a policy that if people have anything like I do, two accounts, you keep the work and kind of political stuff separate”.
The budget proposal depends on state lawmakers in Springfield approving an expanded property tax exemption for owners of homes valued at $250,000 or less.
“And what they see is their financial ability to afford a tax increase, what the consequences are to their personal finances”, Taliaferro told the Sun-Times.
Ald. Margaret Laurino (39th) said her biggest concern was making sure low-income residents and seniors were spared the pain of the tax increase. “We’ve got to do what we have to do to save our city and that’s the bottom line”.
“I don’t know what the other options are”, said Alderman Will Burns. A plethora of new fees will also be put into effect, like taxes on sugary drinks. “Raising city property taxes is a last resort”.
But that proposed homestead exemption would shift some of the load from homeowners to businesses.
Pension requirements present a formidable challenge to the city.
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Napolitano agreed with Arena and other members of the Progressive Caucus that more of the money generated by the city’s tax increment financing districts should be used to bridge the deficit and reduce any property tax hike.
