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The Chicago Tribune reports on a financial maneuver by the City of Chicago that may result in a significant budgetary shortfall next year. The city's 2016 budget makes the assumption that the Governor will sign SB 777, which extends the time in which the police and firefighters' pension funds must be properly funded. Needless to say, the Governor has yet to sign the bill and it is far from certain that he will during the city's fiscal year.
As a result, the city was required to deposit $220 million to cover the pension payments required absent SB 777. To make the payment, the city borrowed money-money that will have to be repaid if SB 777 is not signed, as appears likely.
"It's nice to have confidence. It would be better to have a grasp on reality," said CTBA Executive Director Ralph Martire.