- Associated Press - Wednesday, October 15, 2014

CHICAGO (AP) - Chicago Mayor Rahm Emanuel has unveiled a 2015 budget that puts off until after the city’s February election how it will deal with its $20 billion pension crisis.

The Chicago Sun-Times (https://bit.ly/1DcyuSw ) reports that Emanuel outlined a budget Wednesday that includes increased taxes on parking, car leasing and cable television but one in which the mayor says holds the line on property, sales and gas taxes.

Emanuel says the budget “starts our journey to properly fund our pensions.” But he didn’t address how the city might come up with a $550 million state-mandated contribution in 2016. That money is meant to shore up police and fire pensions and address the city’s increased obligations to the Municipal Employees and Laborers pension fund.


Information from: Chicago Sun-Times, https://www.suntimes.com/index

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