Robbie Katherine Mayor Rahm Emanuel will not raise sales or - TopicsExpress

Robbie Katherine Mayor Rahm Emanuel will not raise sales or property taxes to close a $338.7 million gap in next year’s budget but all bets are off in 2015, when the shortfall balloons to $1 billion without pension reform, a top mayoral aide said Wednesday. In 2015, the city is required by state law to make a $600 million contribution to stabilize police and fire pension funds that now have assets to cover just 30.5 and 25 percent of their respective liabilities. suntimes/21642911-761/city-deficit-to-hit-nearly-1-billion-soon-without-pension-reform.html

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