Chicago looks to Springfield for help in balancing 2020 budget
Illinois lawmakers must change state pension laws and allow for new taxes, Chicago Mayor Lori Lightfoot said Wednesday.
The freshman mayor unveiled her budget proposal Wednesday. In it, she specifically relies on $50 million in revenue from a new progressive real estate transfer tax, which would have to be approved by the Illinois General Assembly and governor. She also said the state must rethink its the tax structure proposed for Chicago casino and make changes to state pension laws.
“We will need cooperation from Springfield in order to get this done,” she said, adding that “… if we don’t get the authorization we need, we will be forced to make more painful choices when it comes to new sources of revenue.”
City residents are dealing with the effects of a historic property tax increase and a reorganization of city property tax valuations under a new county assessor.
The city’s budget is being squeezed by its legacy pension debt. At an estimated $46 billion, Chicago has higher pension liabilities than some states. Lightfoot’s budget said the city’s total pension contribution has increased by $346 million to $1.7 billion.
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The freshman mayor unveiled her budget proposal Wednesday. In it, she specifically relies on $50 million in revenue from a new progressive real estate transfer tax, which would have to be approved by the Illinois General Assembly and governor. She also said the state must rethink its the tax structure proposed for Chicago casino and make changes to state pension laws.
“We will need cooperation from Springfield in order to get this done,” she said, adding that “… if we don’t get the authorization we need, we will be forced to make more painful choices when it comes to new sources of revenue.”
City residents are dealing with the effects of a historic property tax increase and a reorganization of city property tax valuations under a new county assessor.
The city’s budget is being squeezed by its legacy pension debt. At an estimated $46 billion, Chicago has higher pension liabilities than some states. Lightfoot’s budget said the city’s total pension contribution has increased by $346 million to $1.7 billion.
Click Here to read more.