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October 27, 2015

Chicago Mayor Rahm Emanuel's proposed fiscal 2016 budget and historic property tax increase dedicated to paying pensions for police and firefighters is expected to win approval on Wednesday from the city council even though the spending plan faces uncertainties.

The mayor's $7.8 billion budget for the fiscal year that begins Jan. 1 could be short $102 million or $220 million depending on the actions of the Illinois Legislature, Governor Bruce Rauner and the state's supreme court, according to Ralph Martire, executive director of the Chicago-based Center for Tax and Budget Accountability. This is despite a $543 million property tax increase phased in over four years.

Martire added the "bitter pill" of a tax increase is necessary to avoid severe cuts in city services.

"But it's not enough," he said. "The city is going to need more money."


Source: Reuters