Magic Money Appears!
- Mayor Rahm Emanuel directed Chicago Public Schools to meet Tuesday's deadline for a $634 million contribution to Chicago's teachers retirement fund but warned making the state-mandated payment would lead the cash-strapped district to make classroom cuts ahead of the new school year.
In the days leading up to Tuesday's deadline, Emanuel had sought to delay the payment until August while calling for broader changes to how Chicago teacher pensions are funded. But with Springfield mired in a wide-ranging struggle between Republican Gov. Bruce Rauner and ruling Democratic lawmakers, there was little momentum to grant Chicago relief.
That left Emanuel with a choice: Skip the required pension payment and risk being sued by teachers and having the school district's woeful credit rating sink further or make the payment and face a cash crunch that could lead to deep classroom cuts.
Or maybe some management cuts? Maybe evaluate requisition procedures? Standardize purchasing, look at connected contracts? Maybe cut out the ever increasing food bill for breakfast and lunches that end up thrown away - feeding kids is a PARENTAL RESPONSIBILITY, not the schools.
Remember, it's a spending problem, not a revenue problem. How come no one in an position of responsibility (and time on their hands) ever goes through the budgets with a fine-toothed comb and points out the tremendous waste, layers of bureaucracy and redundant management positions that might save countless tens of millions?
Remember, it's a spending problem, not a revenue problem. How come no one in an position of responsibility (and time on their hands) ever goes through the budgets with a fine-toothed comb and points out the tremendous waste, layers of bureaucracy and redundant management positions that might save countless tens of millions?
Labels: money questions
posted by SCC at 12:51 AM
43 Comments:
Just goes to show DONT TRUST THESE LIARS!!!!!!!! Rahm had the money all along and was just trying to scare everyone that doomsday is coming. no doubt changes need to be made but good god start working and stop talking,
Hey Rahm I thought the voters spoke time to replace that School Board
Seems pretty simle. Except we are dealing with crooks that are feeding of taxpayers like ticks.
So many administrators ripe for cuts. Cut the teachers some slack, but trim those admins.
Or just issue IOU's to all the non-connected vendors?
It worked for Gray Davis in CA.
Greece... kick that can.r uth r fucked.
ChIraq and Illinois
The Next GREECE
I agree with management cuts, no more travel for staff, reduce training expenses,no more IPADs and Chromebooks, look at the Sentintel Technologies contract, the cell phone contract, the food comes from the government, but not the milk deal that is by the states attorney daughter. There is waste to cut definitely.
It's a miracle. Rahm the miracle maker.
Now, kees me you fool!!!!
1000% correct on this post. Remember that Brown vs Board of education was a ruling about integration not about transportation. That is where bussing came from. The Chicafo Board of Education spends just over a billion dollars in transportation. other than disabled children, we should not be providing rides to and from school in an era of multiple car households and free access to public transportation. A billion dollars a year. You can solve a lot of issue at the Board if you freed up just half of the transportation cost.
Better check and see if they didn't get that money from other pension funds!
The genie found more money shazaam! Now about the police pension fund rahm! You got it now give it! Ways to easily save public school money:
No 3 meals a day parenting takes care or that
No " safe passage" paying parents make parents volunteer to do it as requirement of attending
No school for illegals voting for Trump he has right idea would save billions
Eliminate free bus pass matter of fact no bussing at all go to school in your neighborhood only
Move headquarters to a small trailer lots of lots on west side
Cut bloated management
Stop building new schools after you closed 54 older ones!
Uno schools insane more $$$$$ for votes and friends and family contracts!
Remember, teachers teach our youth. Police shoot our youth.
If all these budget cuts and spending reforms are enacted, think of all the high paying jobs that will be lost. Whole families thrown onto the welfare roles and the children that will go hungry because their parents cannot feed them a healthy diet. My God, think of the children.
The funny part is the City made the payment in paper checks not one wire transfer and they had to print multiple checks because they could only print each check up to 99 million. LOL. What a backwards City. Hope they don't bounce! Now he needs to shut up and fund the Police Pension.
The money was there all the time he just wanted to use it for something else if he got away with it!
Now if only our union flunkes will not fold but will see what they do this going to be interesting and will they follow Shields !
LOL. This is really too funny.
Here we have good ole Rahm, one of the most über Democrats in the USA, moaning about having to comply (PAY) with Pension Law(s) written by his very own 'Democratic Volk' [politicians ;-)], which was then passed into law by a Democratic Party Controlled Legislature and Democratic Governor (pause-deep breath), which was then negotiated into a gazillion Union contracts over the decades -- Unions btw, which might as well be wholly owned subsidiaries of said Democratic Party as most of their brain dead members would rather cut off an arm than vote for any Republican -- (pause-deep breath) not to mention having said Union Pension Benefit Requirements written into the Illinois Constitution during the last Constitutional Convention -- which anyone with a functioning brain cell knows cannot be modified by any State or even Federal Court as long as it does not violate the US Constitution!
(brilliant maneuver boys and girls -- NOT (lol))
Yep, only in Illinois could something this screwed up happen and everyone -- like the Lamestream Media and moron voters -- never think, not for a moment, that HEY!!...the democrats and unions brought this on themselves, so what's Rahm moaning about??? And for sure, even if they DID think it they'd sure as Hell never report it for the fuckery it is so 'the public' might think it's time for a change and has been for decades.
I love it when democrats eat their own.
Greece- Puerto Rico ..... And Chicago next. They told Greece to start making cuts 10 years ago. They ignored the warnings and kicked the can down the road. I give. Us a few years.. Maybe
Stockton CA > Detroit > Greece > Puerto Rico > Chicago
Why isn't the F.O.P. calling the city out for this. The city has cried poor to reneg on its obligations and divert OUR money to connected special interests. Pay me now!
"...Maybe cut out the ever increasing food bill for breakfast and lunches that end up thrown away - feeding kids is a PARENTAL RESPONSIBILITY, not the schools. ..."
TV commercial I saw today. Schools are closed so we have SUMMER MEALS FOR KIDS.
Next I supposed will be Midnight Snacks for Kids.
We have produced a nation of non-producing parasites who think they are owed everything and need look upon us as fools for providing it.
There are people who work for a living, a lot don't bother to vote.
Then there are people who breed and vote for a living.
REGISTER and VOTE!!
Oh jeez, look what Rahm found just lying there, $634 million. I think Rahm just hated paying bills with it.
Wow movie magic Mike is out now we have our own "magic rahm" treasure hunters more money found fantastic, now open up the other drawer and pay police pension! This clearly shows city is not broke rahm and the elected just want to giveaway our money to friends and family projects!
Rahm is such an inveterate chiseler...
He would call in a stop-payment on that check just to fuck with
the teachers.
Since he's all about austerity and sacrifice, why doesn't he save
a shit's-ton of money by cutting out the charade that is charter
schools?
WHOOPSIE!
That would mean some of his charter school operator friends/
campaign fund contributors would have to very publicly get
THEIR throats cut instead of teachers and critical school staff.
Everybody likes to beat the drum about "Getting Rid of Bad Teachers"
and that's fine... They SHOULD be gotten rid of.
BUT...
In the interest of having a safe and orderly school environment that is
truly conduicive to the learning experience, these bad, violent, feral,
death-worshipping, failed-social-experiment-at-too-high-cost, broken
impulse control thingy heathen-assed children need to be sifted and
put apart from the children who REALLY DO WANT TO LEARN!
These kids are the engine blocks tied to the teacher's ankles.
How the fuck can you fault the teachers for not wanting their pay,
advancement opportunities and careers as a whole, tied to kids
who are so crippled from their fucked-up home environments that
they can't/don't/won't EVER "get it" and make an effort to rise above
their fucked-up circumstances except in rare instances?
As it is...
Teachers aren't "free" to teach because they have to "parent" children
who aren't getting vital foundational stuff at home.
This isn't new. There has always been instances like this but teachers
haven't been so intentionally overwhelmed by the fall-out of social change
nor have they been so set upon by non-teaching "educators"/"financial experts"
brought in by mayoral administrations to flog the teachers with the lash of
bean-counterism.
TRUTH:
Whenever a municipality has to bring in "financial experts" to run a school system
(or Police Department, Fire Department etc, etc.) you can be assured that monies
HAVE been stolen to the point where even layman eyes can see and the culprits
are all but identifiable if an "expert" isn't brought in to paper over said theft.
...Hiya Rahm.
How many Federal Investigations are now aimed at you
and the best of the brightest propeller-heads, whiz-kids
and wunderkinds of your administration?
>The proverbial cat scratching at a linoleum
floor trying to cover up it's shit<
Motherfucker just stop...
What you're doing is a
stink in the nostrils of
decent people and
enough lights are on
that what you're doing
is not only clearly visible
but also patently offensive.
But you have a plan...
>Pfffft!<
>High pitched yowls and howls while being beaten
with a broom, grabbed by scruff and tail for use to
wipe up said shit on said floor<
"Hey son... Prop the back door open and stand back..."
YEEEOOOWWL!
>FLIINNGG!<
This so-called waste provides high paying salaries for thousands of people. Do you want to fire all these tax paying citizens?
So...
Does that mean Rahm will be a good sport
and make the held-hostage balloon payment
to the Police Pension Fund?
Or do the teachers have his immediate care and concern
because the political optics are bad if he's seen as the
cause for another strike?
It does seem that CTU hasn't been infiltrated with traitors
fop has... Dean Angelo hiding behind "taking care of my kid"
as the reason for a non-aggression pact with Rahm.
fop will never prosper or thrive because the powers that be
manages to somehow keep louts, drunks, buffoons, thieves,
incompetents and moral cowards in the hierarchy out of fear
that The Policeman will find firm footing to begin a rightful and
justifiable push-back.
Even more fear if that push-back gathers weight and momentum
If/when the public realizes they've been sold a dirty bill of goods
about their Police by the media and the elected official class and
jump on the bandwagon... Those in the way of the new course of
correction will find themselves tumbling under the wheels.
The public won't come to new understanding on their own...
It will take something many times more horrific than 9-11.
To the point where the public will have to see and smell
for themselves what Policemen already know.
And then?
Grudging understanding and the War Against Police going away
for a generation or so.
What?
Alinskite Progressivism and the Grievance Card Manufacturing Industry
of the Protected Demographics only becomes more entrenched as they
very actively seek access to the levers of power much to the detriment
of those who aren't them...
STOP THE PRESSES!!
I knew there had to be a catch and here is the headline of the Sun-Times On-line edition. I haven't read the story I am still laughing.
"Breaking News/Politics: Day after making $634 million pension payment, city asks pension fund for $500 million loan"
What will happen it Rahm makes our pension payment.
But keep spending money Rahm, there must be a park somewhere that needs to be built.
They keep saying the city doesn't have the money but they have tons of money in the TIF fund. That money came from the skim off the taxes. Technically it is to be used for one certain thing but when you have payments due and have the money in a different account they need to use it. I can't have a separate savings account with tens of thousands of dollars in it but tell my creditors that my "main" account is empty so too bad they are out of luck. You use whatever money you have
OT -
R&D
Looks like the gp is home again!
That makes it 7 out of the last 8 working days.
She did go to work yesterday.
WTF !!!
How can someone operate like this?
How is this permitted?
Is Tony Rodriquez still on the Chicago Board of Education payroll? He was with Hubermann at OEMC when they gave out that illegal contract to Motorolla? Then they got on at the Board of Ed. Not one had a degree in education.
The 634 million was paid yesterday and today he wants to borrow 500 million. That's messed up.
Looks like he just trying to cut even more teachers so he can open more charter schools thus killing the hemorrhoid that makes his ass bleed every time he threatens them. Watch how more charters pop up next year to his political friends.
Anonymous said...
The funny part is the City made the payment in paper checks not one wire transfer and they had to print multiple checks because they could only print each check up to 99 million. LOL. What a backwards City. Hope they don't bounce! Now he needs to shut up and fund the Police Pension.
7/01/2015 07:14:00 AM
When the City finally went with direct deposit of our paychecks it was 25 years or so after the rest of the country was using direct deposit. The City routinely screws up deposits when a bank changes it's routing number as when a merger occurs. Only the city gets this wrong. Other businesses update their routing number database overnight. Not the City of Chicago, they blame the bank.
In 1990-1991 the City of Chicago was still using teletype machines from the 1930's, not fax machines. Finally in 1991 they got real fax machines, many years after fax machines were in widespread use. The city singlehandedly keeps the carbon paper industry in business.
Why not let the parents of the children PAY for their children to go to school?
Accept the responsibility of being a parent!
And pack their lunches, too!
No magic money has appeared. Just smoke and mirrors. The teachers will have to take a pay cut when they are forced to pay something into their pension fund and medical ( now they pay little or nothing). They might strike. If they do I hope the mayor has the guts to start firing them and hiring outsiders. I also hope the state passes a law making it illegal for public employees to strike. Believe it or not arbitration pays off more then a strike and is less disruptive.
Anonymous said...
Remember, teachers teach our youth. Police shoot our youth.
7/01/2015 07:01:00 AM
Well here is an ignorant ass statement from a liberal democrat who has his head up his ass and really does not know. The youth shoot each other. The cops only shoot those who try to shoot them/ And, the teachers are not teaching the youth. Just look at the test scores and reading/math levels. And, who do the teachers blame? Not each other but the students and their parents. No wonder the teachers union does not want testing. They want social promotions and pass the kids onto another system. But, they like to call themselves " professionals".
Anonymous said...
So many administrators ripe for cuts. Cut the teachers some slack, but trim those admins.
7/01/2015 01:30:00 AM
I would love to cut the teachers some slack. Just as soon as they start paying for their pension and their health care at the same rate as the police and fire. As of now, they pay little or nothing for either.
Don't be a bunch of dumbasses! Rahm borrowed one BILLION dollars in the name of CPS six days ago!!!!
Then he wrote a check his week for $600+ MILLION dollars to make the pension payment.
CPS is friggin broke.
Anonymous Anonymous said...
Don't be a bunch of dumbasses! Rahm borrowed one BILLION dollars in the name of CPS six days ago!!!!
Then he wrote a check his week for $600+ MILLION dollars to make the pension payment.
CPS is friggin broke.
7/01/2015 09:57:00 PM
Then he turned around and asked the pension board for a
$500 Million LOAN from that money just deposited!
Hope they say "Fuck no and FUCK You ya little lying weasel!"
Just raise taxes! These mutts think they have a good idea, like having kids start public school at age three! Who is going to pay for it? What is momma going to do with the extra time on her hands with the rug rats out of the way? Make more? They don't have to pay for it. Just raise taxes! Who is going to babysit the rug rats at school? Who is gonna pay for that?
Raise taxes! The answer for everything!!!
A start...
A forensic audit of City funds, followed by an Inspector General overview and an IRS audit of Mike Madigan, with a FBI follow up.
I could not make this crap up.From the Chicago Teachers Pension Fund:
July 1,2015
CPS Offers Funding Proposal to CTPF
This morning the Chicago Teachers' Pension Fund (CTPF) Board of Trustees met in a special meeting where representatives of the Chicago Public Schools (CPS) presented a proposal to create a short-term employer payment plan. At the meeting, CPS Interim Chief Executive Officer Jesse Ruiz, Chief Administrative Officer Tim Cawley, and the City of Chicago's Chief Financial Officer Carole Brown outlined a proposal which would not reduce pension funding, but would help CPS close a $500 million budget gap for 2016.
Under the terms of the proposal, CPS would discontinue its practice of making a single annual pension payment on the last business day of the year and would instead make monthly payments to CTPF, beginning in January 2016 and continuing for the next 10 years.
This new funding schedule would defer approximately $500 million of the FY 2016 payment into the FY 2017 fiscal year. The proposal requires CPS to pay interest at 7.75% on the deferred amount and requires $750 million in collateral to secure the agreement.
Following a period of discussion and debate, the board voted to communicate its general support for the proposal, and authorized a subcommittee of the Board of Trustees to continue negotiations and discussions with CPS. The subcommittee is expected to meet in July and will make a recommendation to the full board later this month.
"We were encouraged to see representatives of CPS at our meeting this morning and appreciate the opportunity to openly discuss payment security for the Fund," said CTPF Board of Trustees President Jay C. Rehak. "While we still have concerns about this proposal, we look forward to working through these issues so that our members' interests are protected and our Fund receives all the revenue necessary to meet the pension commitments made by CPS."
"Under the current statute, CTPF receives revenue once a year, on the last business day," said CTPF Executive Director Charles A. Burbridge. "This proposal revises the payment schedule, but ensures that we have a monthly revenue stream and provides security and interest on a deferred amount, which is reassuring for our members."
The subcommittee is expected to make a recommendation in advance of the full board meeting on July 16, 2015.
CTPF MISSION STATEMENT
To provide, protect, and enhance the present and future economic well being of members, pensioners and beneficiaries through efficient and effective management of benefit programs, investment practices and customer service, and to commit to earning and keeping the respect and trust of the participants through quality service and by protecting retirement benefits, in compliance with applicable laws and standards.
CTPF BOARD OF TRUSTEES
Jay C. Rehak, president
Lois W. Ashford, vice president
Bernie Eshoo, financial secretary
Raymond Wohl, recording secretary
Jeffery Blackwell
Robert F. Bures
Tina Padilla
Maybe someone can ask the Daleys for a loan to help the city. Richie has been hiding like 'Where's Waldo' lately.
Why doesn't media give us a 'Where's Richie' update?
I would love to cut the teachers some slack. Just as soon as they start paying for their pension and their health care at the same rate as the police and fire. As of now, they pay little or nothing for either.
7/01/2015 08:36:00 PM
----
I would love for you to cut us some slack too, but when I,as a teacher, can retire at 20years and collect 50% at 55. I will pay my percent. If I were to retire with 20 years at 50%, I collect at 63. That's 7% that I am not paying for 8 years I MUST stay in the system until I collect. If I want to collect full pension at 55, I MUST complete 34years to max out and be 55yoa. Almost impossible.
You collect 50% at 20 years at 55! Kiss my ass. By the way, I am tired of people cutting us slack, or having opinions on my career, or generally disgruntled every time they see CTU on TV. You work for this bullshit city too. If you were paying less than me, do you know what opinion I would have... None, because I wouldn't give a fuck because your job doesn't pay for my family. I would however go to a union meeting and tell them to fight to lower our contribution to match the teachers.
Keep your slack!
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