- The amount of overall Chicago debt to be paid off with future city property tax collections rose by more than $1 billion last year — marking yet another troubling financial trend for Mayor Rahm Emanuel as he tries to right the financial ship.
But there's a bit of a silver lining in that cloud — the bulk of the new borrowing was done to execute Emanuel's plan to rid the city of risky borrowing deals that could have resulted in even bigger financial troubles down the road.
The level of property tax-backed city debt was about $9.4 billion at the end of 2015, compared with about $8.3 billion the year before, according to the city's annual financial report made public Friday.
That means that for years to come, the city will continue to spend nearly every penny of the $1.2 billion-plus collected from property taxes each year to pay down debt and fund employee pension systems, leaving almost nothing for day-to-day city operations. A small amount is used to cover library operating costs.
So when do we start laying off aldercreatures?
Labels: money questions