Though the city has made real strides to shore up its finances under Mayor Lori Lightfoot, its fiscal health remains budget remains precarious
The pension funds would invest the proceeds of the pension obligation bond sale and hope to get returns that would outpace the interest owed. It would be one of the country’s largest issuances, but the idea is generally considered a major risk in the finance world, particularly for Chicago, which is already heavily leveraged.
Lightfoot has had a complicated history with pensions. She has repeatedly said pensions already promised to workers must be honored but has repeatedly suggested going to Springfield for unspecified changes. At the recent City Club speech, Lightfoot said labor unions and politicians need to “make some hard choices but do the right thing to make sure that our pension funds are actually available for our retirees.
Sawyer and the other City Council member running for mayor, Sophia King, 4th, voted yes on Lightfoot’s first three budgets; King voted no on the mayor’s 2023 spending plan. Johnson, a Cook County commissioner, also proposed a 1.6% “mansion tax” on real estate transfers valued at more than $1 million, a new $1 or $2 charge on securities trades and an increase in the hotel accommodations tax, from 4.5% to 6%.Green has some unconventional ideas on economic revitalization. He proposed a city-owned bank that would prioritize affordable housing, home ownership, new development projects and small business lending.
“I wouldn’t support taxes on nobody. … I’m sick and tired of taxes. And I can afford to pay them,” the wealthy philanthropist said. Lightfoot has generally avoided big property tax increases, but has not avoided levy hikes to keep up with rising pension costs. The city’s levy under Lightfoot has risen from roughly $1.54 billion in 2020 to $1.73 billion in 2023. Her first budget raised the levy by $64 million. Her next included her largest increase, $94 million, followed by a $76 million rise the next year and $25 million for 2023, in which she waived her policy of tying increases to inflation.
“It would operate free of City Hall politics ... and of aldermanic privilege,” Vallas said. “The determinations of what must be done will not be driven by LaSalle Street and the Department of Planning.” King said “safe communities and good schools” would foster growth. “We also have to give incentives to teachers and police to make sure that they don’t leave quicker than we can hire them,” including mortgage assistance for those who build on vacant lots.
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