NEWS: CHICAGO CITY COUNCIL APPROVES $720 MILLION BUDGET

Before the 36-14 vote on the funding for his budget, Emanuel called the city’s finances “a dark cloud” that has been eroding the confidence of Chicagoans.

Emanuel’s lower-the-boom budget will be funded in part by more than $720 million in new taxes, fines and fees.

The $543 million property tax increase for police and fire pensions is the largest in Chicago history. It will be phased in over four years, with the largest chunk — $318 million — tacked on to property tax bills payable in August 2016. That hike will be followed by successive increases of $109 million payable in 2017, $53 million payable in 2018 and $63 million tacked on to the property tax bill due in 2019.

A separate $45 million property tax increase will fund school construction.

(link below)

http://chicago.suntimes.com/news/7/71/1052027/city-council-set-ok-budget-720-million-new-taxes-fines-fees