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Emanuel to raise utility taxes to save Chicago pension fund

Fran SpielmanThe Chicago Sun-Times

Aug 02, 2016

This article originally appeared in the Chicago Sun-Times.

Unwilling to hit property owners for the third time in one year, Mayor Rahm Emanuel plans to raise the city’s utility taxes to save the largest of Chicago’s four city employee pension funds, City Hall sources said Monday.

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…

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