Chief Financial Officer Carole Brown acknowledged that the city needs “in the ballpark” of $250 million to $300 million in new annual revenue to shore up a Municipal Employees Pension fund with 71,000 members and $18.6 billion in unfunded liabilities.
Yet another property tax increase would be the easiest and most reliable route to go, but top mayoral aides disclosed Monday that Emanuel has ruled out going back to that same well for fear of piling on.
Last fall, Emanuel persuaded a reluctant City Council to raise property taxes by $588 million for police and fire pensions and school construction. He has agreed to raise property taxes by $250 million more for teacher pensions.
