By John Dempsey, WLS-AM 890 News
(CHICAGO) The Chicago Sun Times is reporting that Mayor Rahm Emanuel, after passing two massive property tax increases, now wants to raise the city utility tax.
The report says Emanuel wants to raise utility taxes to bail out the largest of Chicago’s four city employee pension funds.
Chief Financial Officer Carole Brown told the Sun Times Fran Spielman the city needs “in the ballpark” of $250 million to $300 million in new annual revenue to shore up the city Municipal Employees Pension fund.
The Sun Times says the fund, with 71,000 members, has $18.6 billion in unfunded liabilities.
The report says Chicago imposes several different categories of utility taxes, most of which have rates controlled by state statute. That means Illinois Lawmakers would have to agree with Emanuel’s plan.
Last fall, Emanuel persuaded the City Council to raise property taxes by $588 million for police and fire pensions and school construction. He has agreed to raise property taxes by $250 million more for teacher pensions.
@ 2016 WLS-AM News
