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The City Council steps up, gives itself a finance team

from Chicago Tribune

Bad and worse. Those could well be the choices facing Chicago aldermen when it comes time to pass the 2015 city budget. With no legislative remedy in sight, the city will have to pony up an extra $600 million to its police and fire pension funds. To make ends meet, aldermen will have to decide whether to raise property taxes, slash services — or cross their fingers and hope for some magical mayoral remedy. Something like, you know, a 75-year lease of a lucrative public asset. One very encouraging sign: By voting to establish their own Office of Financial Analysis, aldermen signaled that they want to play an active role in those discussions. more

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