By Bill Cameron, WLS-AM News
(CHICAGO) Mayor Emanuel’s final budget proposal dumps a big problem on the next mayor.
What Rahm is dumping onto the next mayor is a big pension liability.
Here’s how big, according to Civic Federation president Lawrence Msall, “In real dollars in just the next year it’s about $250M. When you look at the growth in the pension obligation it’s about a billion dollars over the next three to four years.”
Cameron: “How do we pay for that?”
Msall: “It’s gonna have to come from two places. You’re going to have to find ways to reduce the unfunded liability and find some new revenue to prop that up.”
Translation? More tax hikes are inevitable. bc
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