NEWS: CHICAGO FACING $114.2 MILLION BUDGET SHORTFALL IN 2018

Chicago faces a $114.2 million budget shortfall in 2018 that does not factor in the steep cost of police reform, the second year of a police hiring surge or pay raises tied to soon-to-be-negotiated union contracts.

Last year, Chicago faced a $137.6 million shortfall — the city’s smallest in a decade — that did not include the cost of saving the largest of four city employee pension funds.

Six weeks later, Mayor Rahm Emanuel lowered the boom on Chicago taxpayers — by slapping a 29.5 percent tax onto water and sewer bills to shore up the Municipal Employees Pension Fund that’s projected to generate $64 million in 2018.

(link below)

http://chicago.suntimes.com/chicago-politics/chicago-facing-114-2-million-budget-shortfall-in-2018/