Magic Money?
Once again, money will be made to materialize out of thin air:
- Chicago’s public school system is counting on $269 million in additional money from the city of Chicago government to balance its $5.79 billion operating budget for the coming year, school officials announced Friday.
Officials propose more in operational spending, up from $5.6 billion proposed a year ago, to cover higher pension costs and Chicago Teachers Union raises, according to the Chicago Public Schools’ 2017-18 budget proposal.
The $269 million in local funding would be in addition to state money that school officials are hoping will arrive through school-funding legislation that’s been the subject of yet another ongoing political battle in Springfield.
And it’s still unclear how the $269 million would even be generated.
We're sure there are many who wish Rahm would direct this never-ending, never-explained endless fountain of money (that keeps appearing from whenever Rahm needs to fund some unnecessary, pointless and expensive project) at something more pressing - like pensions.
Labels: money questions
posted by SCC at 12:05 AM
92 Comments:
Prayers for the two officers who died in Charlottesville, Virginia.
I thought our high property taxes should more than cover the public schools? How does is cost "billions " for one school year? Corruption, waste and crooked deals? What a mess! Maybe Fergusion will get to the bottom of it.
Create some new taxes.
Let's see - tax on napkins used in a restaurant. Tax on buying the newspaper. Want the Times or Trib- pay another quarter.
WAIT!! Bring back pay toilets. Not only at the airport. Put them at City Hall. Put them in the libraries. Put them in the Train stations.
Hey, put them in schools. To coin a Democratic phrase, "Tax the shit out of them." Do it for the children.
Rahm "the bike lane" Emanuel
"We're sure there are many who wish Rahm would direct this never-ending, never-explained endless fountain of money (that keeps appearing from whenever Rahm needs to fund some unnecessary, pointless and expensive project) at something more pressing - like pensions."
Where do you think that $269 Million is coming from?
Your pension is not getting funded. Ever.
Where do you think the money for their raises is coming from?
Your raises in your contract.
Everyone should pull their money out of "Chicago Blended Fixed" in the various 457 plans. The rate is not high enough to compensate you for the risk you are taking lending the money to the city and its sub agencies.
If 25% of the police Dept is maxed out on Defered compensation and the put it into CBF that's about 48 million a year.
That's a lot of money.
Rahm is investing in Powerball Tickets.
Just wait until he matches all five numbers plus the Powerball(TM)!
Off topic.
Cook county justice:
Arrest: Jun 2015
Convicted: att agg robbery
Sentence: 6 years idoc
Paroled: Jun 2016
Arrested for res burglary commited on Feb 2017.
Warrant for parole violation denied.
Rest In Peace, Slammer. It was an honor to witness your first hole in one....but more importantly, to call you friend.
5.6 billion? somebody has some fucking 'splaining to do. has anybody ever really opened the books to see exactly what the hell is going on over there?
Hush Hush and on the Q-T Crazy Kim Mass Trans Commanders Secretary to Cindy Shame to be made Sgt on next list all for snitching!!
Cindy Shame in Mass Trans to be replaced soon,going back to Lt, crime on Cta has skyrocketed 80 percent since she's been in charge.
Crazy Kim in Mass Trans asked her Daddy to make her a Sgt, everyone hates her and she wants out fast before Cindy Shame is booted out of her office
Cindy Shame Mass Trans Commander to get launched per Rahmn- sorry girlfriend!
Was a grievance ever filed in Mass Trans on Commander who brought 29 people on no bid positions, all southside and west side peeps
He took the health insurance for the retired city workers that how he can spend it on bullshit
Perhaps its time for the teachers to pay more than 2% into their pension? To be more realistic it should be about 12%.
I just dropped in to see what condition
my condition was in
The wheel gun guys had it better
Where have all the pay phones gone?
Converted into iPhones, one by one
We went high tech but our finances are a wreck
How about the new breathing tax. Unless you have a link card breathing will be taxed on an age based breathing matrix. After all each breath creates carbon dioxide that is dangerous and could harm "the children". What better rationale then keeping the children safe.
I think he has a special Great Unwashed Fund. It is used only to buy their votes.
People losing their jobs is of no concern to liberal democrats. As a matter of fact, getting people on government welfare roles and becoming totally dependent upon the government is the liberal democrat plan, because just like (exactly like) communism the government doesn't need any consent of the people it rules to do anything.
When the government has total power, when your income, your very life, depends on the government, you're no longer free. You no longer work for yourself and make your own decisions, you will work for the government and do what's best for the government or you will be eliminated by the government because the government will decide what "rights" you have.
Democrats are right now trying to pass legislation to limit our duly elected presidents power, but they had no problem with a democrat president suspending parts of our U.S. Constitution when it was an inconvenience to him. Call these liberal democrats what they really are, communists!
J.J.
Watch me pull a rabbit out of my hat. Nothing up my sleeve. Presto. If you get a chance read the article from businessinsider.com. Chicago is doomed to become a "municipal black hole".
Money probably comes from that was set aside for the increased payments to our pension fund- until the FOP made that move down in Springfield. Now the money is for the school system.
(OT) with all the slanted narratives on the white supremacist rally it begs to ask the question why when they had a valid permit where the bussed in violent protestors allowed near the rally? Come on the unlawful assembly was the black lives matters crew who financed this? No I'm not a white supremacist matter of fact I'm not white. Come on why are we here for example not stopping all the "unlawful assembly" everywhere? Fair is fair you can only push people so far!
Crain's did a story on it. 41 TIFs have 546 million in them so far this year.
CPS is a glutton for our tax money and their appetite is never satisfied. Regards Stagger Lee.
Teachers are just looking after the kids, right?
Mass Transit needs an overhaul. "We don't make arrests" is not a good motto for a specialized unit
8/13/2017 06:07:00 AM
Anonymous Anonymous said...
Cindy Shame in Mass Trans to be replaced soon,going back to Lt, crime on Cta has skyrocketed 80 percent since she's been in charge.
_______________________________________
No one cares. You'll bitch about the new boss too.
"Officials propose more in operational spending, up from $5.6 billion proposed a year ago, to cover higher pension costs and Chicago Teachers Union raises, according to the Chicago Public Schools’ 2017-18 budget proposal."
Teacher raises???
It sure isn't merit based.
I know, garbage in, garbage out.
The money isn't there. Teachers need to feel the pain for the mistake of hitching their wagon to the wrong mule.
How does a school district that serves 450,00 students have a budget of 5.6 billion when a City that serves 2 million has a budget of 9 billion?
Rahm always spins it that we're 'investing in the children of this great, welcoming city.'
The great 'kids' that we've been learning science, math, reading skills 'equal to China (!),' are the ones that have grown up and made this the murder capital of the world. What a great investment we've made!
OT
Last night we lost a gentle giant. Capt JL from 005 passed away at work of an apparent heart attack. This guy was one of the best bosses. A true gentleman. You will be missed Jimmy
-Former 253
Five posts by the same person about Mass Transit?
You've got issues.
Rahm the magician!
How come he never has the money to contribute to our pension???
Anonymous Anonymous said...
Hush Hush and on the Q-T Crazy Kim Mass Trans Commanders Secretary to Cindy Shame to be made Sgt on next list all for snitching!!
8/13/2017 06:07:00 AM
Nothing new here.
T.D. ( one of Lipman's secretaries) made it meritoriously .... pretty much the same circumstances.
8/13/2017 06:07:00 AM
Anonymous Anonymous said...
Cindy Shame in Mass Trans to be replaced soon,going back to Lt, crime on Cta has skyrocketed 80 percent since she's been in charge.
8/13/2017 06:13:00 AM
She will take c.o. Spot at midway been opened over a year take that one to the bank!
Pay toilets? Actually they never left. they call them ALDERMEN
Anonymous Anonymous said...
Everyone should pull their money out of "Chicago Blended Fixed" in the various 457 plans. The rate is not high enough to compensate you for the risk you are taking lending the money to the city and its sub agencies.
8/13/2017 02:36:00 AM
Not everybody. I gave other investments making more money , but the fixed at almost 3% deferred is a good safety net to supplement my pension. No need to worry about fluctuations in the market
Sleep well Chicago is going nowhere. There is 20 billion dollars in new construction going on in downtown Chicago right now. Big investors don't invest that kind of money in long term megaprojects to a failing city
Even goober Rauner is questioning the risky move how Rahm came up with that $270 million for CPS...yet NOBODY except Rahm's Insiders know where the money is coming from. Media won't ask or insist. Taxpayers won't.
Did Rahm simply open the TIF piggy bank and if he did, for what else and for how long will that money last before its depleted because he's going to be funding every deficit with it.
Then there's the possibility something big was sold or will be sold off very soon on a Peter-Pay-Paul proposition.
I'd like to entertain the readership with this Fun Fact:
The Boeing Company (BA-NYSE) +2.00 up .086%
Total Operating Expense year ending March 2016 - $ 8.76 billion.
Rahm and the Democrats like to treat CPS as a stock by doubling down every single year even though it's been a losing venture for over 30 years. And looking at the product CPS turns out, taxpayers should be allowed to opt out of giving up over 54% of their annual tax bill to Public Education failure. I'm no market analyst but a continual bailing out a failed and corrupt enterprise such as CPS is just wrong.
You don't borrow money to buy stock on a whim or sure bet hoping for an exceptional return.
The standard disclaimer "past performance is not an indication for future results", in the case of CPS that past performance has always been bleak and an expensive failure.
The entire CPS system is a fraud operation and needs to go bankrupt, that's the only way to get rid of the incompetent hacks responsible and end that CTU Contract with the hush money 2% pension payment clause and the bs incompetent tenure slug retention.
Taxpayers should be wondering how the entire CPS system is allowed and continues to overspend, outspend, over budget major corporations and still be in existence, especially under Rahm Emanuel or any Democratc thereafter.
So many crooks so little funds.
The weasel has plenty of money...just not for hiring police, police raises, better equipment and mostly, funding our pensions! Only the Feds can get to the bottom of the finances here. He pisses away money like the last king.
As a citizen, its hard to care about any city workers pension when we watch nearly $6 billion each year poured down the CPS drain. And their answer is always additional spending! How much of this funding actually makes it to a students desk and how much is stolen by political cronies handing out landscaping contracts to their cousins or buying paper signs from their brother in law? A teacher friend just retired at 80% salary + healthcare. Where the fuck do you think that $$$ comes from? TAX TAX TAX! And I have to see them on the news picketing in their red shirts along side their communist SOB supporters? $6 billion to produce next to nothing? Fuck CPS. Close'em all.
So a CPD Officer was found guilty of leaking info to the bad guys. He was sent to the task force by none other then Eric Carter. He should be held accountable also. These bosses that sponsor these goofs who do very dumb things should be called out. 1st Deputy Navarro who picked a Merit Sgt. who was already in trouble, does the same thing ( Bad Shooting). Media reads this blog start calling these people out. Make them accountable!
Will list be out before EJ has his surgery? Not that I need to see it. I already know I will be a captain. Gotta love this system! I was in top 20 on Lt list, and I woulda been number 1 if it wasn't for all those damn cheaters!
Yeah, that's right.
CPS is full of thieves. Clayfool worked as chief of staff for Daley, then Park District, CTA, Cook County commish and now schools. Each time he brings his friends with him. Now the are all making over 200k plus pensions. Clayfool is on the record having hired consultants for budget work on CPS. Really? Look at the link. That is criminal and should have been rejected immediately. Clayfool stated that there was not a person to perform that job. Bullshit. There are many accountants out of work who can perform budgets and look at numbers. Pensions are a ponzi scheme and it was only a matter of time before it all went down. How can you even make sense of this to a 5th grader? You contribute 100k but withdraw millions? There was never enough money coming in to justify that. Never On a sadder note I read about the officer who died in his car. Damn. My prayers to his family.
mt doomsday himself forest claypool...........
we can't finish the school year unless we get 160 million from the state.........hmmm, that sure has long passed.
5.6 billion to operate in a school year??? wtf is going on ? open the books please....
i know i could run that ship for 2 billion and the fucking schools will be open.
people, please vote these idiots out of office if you love your city.
won't be long now
get in line for your FREE back to school goodies from your favorite sanctuary mayor
Just say the magic words over the Money Tree Seeds...
Hocus Pocus, Lemonocous!
*foomp* *smoke*
And money just starts rolling in... It's either that or the Underground Casino in City Hall in that unused $100M train station to no where....
Pensions are out. You should be putting your money in a 401K, you will have more hope of getting something at the end of 20+ years. Invest your money, but don't give it to the government for a so-called pension. No one with any sense depends on or believes in a pension these days.
You've heard of Magic JUAN? Well we have Magic Rahm. Pimping out the taxpayers for political expediency.
Property taxes pay for schools democrats siphon almost a billion a year in TIFs out of the property tax.
Chicago residents expect and demand that the rest of the state fix the problems that they and the Democratic politicians they've continued to elect have caused over the past several decades.
When the rest of the state finally gets wise and refuses to prop up this corrupt rat's nest the Libune, CapitalFax, apologists for Emanuel and Madigan, along with the entire population of Chicago will scream in unison "RACISM!!!" and blame Rauner.
The Daley-Emanuel death spiral continues.
" Chicago Blended Fixed" is not money lent to the city. A little financial knowledge would go a long way.
OT but 10 PPO's assigned to 001. when was the last time 001 had bid openings? Get those kids into the south and west side and let us bid for 001. And they wonder why officers get salty.
Anonymous said...
Was a grievance ever filed in Mass Trans on Commander who brought 29 people on no bid positions, all southside and west side peeps
8/13/2017 06:25:00 AM
Of course not All the bosses, HR and FOP should have and I'm sure did know. Transfers don't apply anymore. Ed details as many pos as often and for as long as he wants. The section about details and transfers in the contract is a sham
Anonymous said...
Perhaps its time for the teachers to pay more than 2% into their pension? To be more realistic it should be about 12%.
8/13/2017 06:52:00 AM They pay 9%. The 7% the city pays was instead of a pay raise that over the years would have been compounded. This was and still is a great deal for the city!
Anonymous Anonymous said...
He took the health insurance for the retired city workers that how he can spend it on bullshit
8/13/2017 06:30:00 AM
That's right, the fight continues. Not only the retirees should be contributing, but even active PO's; because whatever the outcome it's going to effect all of us.
Fuck the schools, we already pay out of our ass for the worthless trash.
Kids graduating these days with a third grade education.
The money isn't magic.
It is grown from "rahm-o-money" plants in his hydroponic farm in his basement, in the same room with the wedding dress. He has been growing theses magical plants in his basement long before he announced he wanted to run for mayor of chiraq.
Col Hannibal Smith
A-TEAM
wow.i need to get on that department internet more often.I was not aware that the Chicago police department had a mass transit unit.
We're sure there are many who wish Rahm would direct this never-ending, never-explained endless fountain of money (that keeps appearing from whenever Rahm needs to fund some unnecessary, pointless and expensive project). Like the undergrou. nd train to the airport. Don't tell me it wont cost us anything. You ever ride the blue line lately? Delays were they just repaired rails, Two to three sleeping cars of homeless. I am sure he has more projects on the table.
Wish someone in Washington would put the little racoon's feet to the fire over funding our pensions! How does he get away with this shit!?
Anonymous said...
I thought our high property taxes should more than cover the public schools? How does is cost "billions " for one school year? Corruption, waste and crooked deals? What a mess! Maybe Fergusion will get to the bottom of it.
With all the closed school property, why are the leasing space downtown. A three story empty school that is paid for with a huge empty free parking lot. You know that CPS is paying for 20-30 parking passes for their executives and their assistants. They are still paying to maintain the empty schools. Use them for something other than to waste my money.
Its for the kids...
SVC. Just came from escorting Capt J. Lavoy from the ME s office. Great turn out from the officers. Saw a bunch of Sgt's and a hand few of Lt's and one Capt. from 006 I think. Do wanna know HOW MANY EXEMPTS were there.. NOT ONE. NOT ONE....Can u believe that. Capt dies on duty and NOT ONE EXEMPT can show up. I was sick. This is the type of leader ship we have. No wonder this department is sinking...Embarrassed to work for this department.....
Let the teachers pay their fair share and how about parents of CPS students, too?
".......some unnecessary, pointless and expensive project)"
Let's take these descriptive adjectives one at a time:
...unnecessary....not true, quite necessary, if you understand the necessity of graft.
....pointless.....ditto the above...ie. GRAFT.
....expensive.....well, no endeavor is considered to be expensive when the spending of other people's money is the basis of the endeavor.....thus, not expensive enough is the opinion of those whose profession is......GRAFT.
To understand a grifter, one must think as a grifter thinks......more is never enough.....
Keep in your prayers Jim Lavoy and the two Virginia StateTroopers who were killed in Charlottesville, along with their families, friends and coworkers.
Anonymous Anonymous said...
Five posts by the same person about Mass Transit?
You've got issues.
Bet he does and it sounds like they are the commander and her secretary
8/13/2017 06:07:00 AM
Anonymous Anonymous said...
Cindy Shame in Mass Trans to be replaced soon,going back to Lt, crime on Cta has skyrocketed 80 percent since she's been in charge.
__________________________________
Why should that matter. 80% increase Increase in crime never stopped Ed. Different rules wand standards for different folks
Fop better start looking at contract changes. Now the city can and always sends the ppo's in their 17th to the district that the city wants to send them. Kid a day off probation is transferred into 016 and the older guy in 007 or 011 stays there with 15 years on
And it's done with no cost to the city or COD. No management spots are necessary or used
Anonymous Anonymous said...
Pensions are out. You should be putting your money in a 401K, you will have more hope of getting something at the end of 20+ years. Invest your money, but don't give it to the government for a so-called pension. No one with any sense depends on or believes in a pension these days.
Our pension will be there. If city went to 401k they would have to contribute $2 to our $1 every payday. They will not do that, it's easier to kick the can down the road. For that reason alone they will keep the pension
If they don't contribute the 2 to 1 your 401 will not be enough to retire on
Anonymous said...
".......some unnecessary, pointless and expensive project)"
Let's take these descriptive adjectives one at a time:
...unnecessary....not true, quite necessary, if you understand the necessity of graft.
....pointless.....ditto the above...ie. GRAFT.
....expensive.....well, no endeavor is considered to be expensive when the spending of other people's money is the basis of the endeavor.....thus, not expensive enough is the opinion of those whose profession is......GRAFT.
To understand a grifter, one must think as a grifter thinks......more is never enough.....
8/13/2017 06:18:00 PM
This clear eyed, mentally acute soliloquy should be carved into a 1000 ton
granite boulder and enshrined at Millennium Park with that
stupid-assed bean smashed to smithereens beneath it...
Put THAT in y'all "tourist attraction" pipe and smoke it.
Bravo...
Well done.
Please. No more comments about the Mass Transit Unit. I spent ten years in that outfit and I am still confessing my sins.
Reduce welfare and take it from there. 3 year limit on welfare.
Wreck-it-Rahm always finds more money for people he cares about. Unfortunately for you police officers, who protect us non-citizens, he never finds any money to meet his obligations. Time for him to go. He has ruined this city.
Not-a-Cop
But didn't they just get a pay raise too?
Anonymous Anonymous said...
But didn't they just get a pay raise too?
8/13/2017 10:36:00 PM
Babysitting isn't cheap plus the cost of feeding them two or three meals a day has gone up
11:29 Am CPD officer in 017 also leaked info, gave her drug dealing friends a heads up. She was never charged with anything( uncle was a white shirt). Check out the utube video of her with her rapper boyfriend. Disgusting!!
Anonymous Anonymous said...
11:29 Am CPD officer in 017 also leaked info, gave her drug dealing friends a heads up. She was never charged with anything( uncle was a white shirt). Check out the utube video of her with her rapper boyfriend. Disgusting!!
Post the link
Bravo...
Well done.
8/13/2017 08:17:00 PM
Just stating the obvious.
Perhaps not so obvious to some whose sense of smell has lost all useful acuity.
To wit:
The....one hand washes the other....in the grifter world....means washing the hands with my money.
Then, blowing their snot on my money and.....
.....wiping their asses with.....my money.....annnnnnd......
...........finally.....offering to, rarely, return a pittance of my money.....soaked and stained in their snot and ass pudding......
As stated......just stating the obvious........ :)
WOW the city has no MONEY RIGHT , nor do they for anyone's Pension either anymore . BUT WAIT SUDDENLY Ballerina Bitch RAHM pulls more Money out of ASS again , for the things he only wants , and you think Gov Rauner doesn't know this. Gomer Pyle said SURPRISE SURPRISE SURPRISE
Like any deadbeat, these people always have money for things that THEY want. Whether it's those new rims, the latest iDevice, a big-screen TV, Maggot Daley Park, an Olympic bid, suing the federal government, or a presidential library.
rb
Stop with this 401k nonsense. Even if you put $1,000.00 a month into a 401k and the city marched that $1 for dollar which it wouldn't, after 20 years you would have $480,000.00. If it doubled through investments that's $960,000.00. Dispersed over 25 years that like $40,000.00 to $50,000.00 a year. Remember that's if you started day one, put $1,000.00 a month in and if the city matched $1 for $1 which I believe is more then it gives for each officer into the pension per month today. It also needs the market to stay strong to dounlennongurantees there my friend.
HEY..........
Watched 9.5 acting presidential with his reported disgust about the actions in Charlottesville. Something tells me that since he couldn't run with Hilldog he is turning up his game for the next democrumb to run for president. Funny how he spews words of disgust watching groups of haters yet he is the biggest hater of them all. He hates police, fire, teamsters, city workers. He bragged in writing how he screws us out of our healthcare and has threatened us in the media and to our face how it's time for us to bleed.
Rauner was on wttw and said that Rhambakina was holding HUNDREDS OF MILLIONS OF DOLLARS IN TIFF MONEY AND THAT IT'S A SLUSH FUND FOR HIM.
PAY ALL THE PENSIONS AND QUIT TAXING US TO DEATH.
Anonymous Anonymous said...
Stop with this 401k nonsense. Even if you put $1,000.00 a month into a 401k and the city marched that $1 for dollar which it wouldn't, after 20 years you would have $480,000.00. If it doubled through investments that's $960,000.00. Dispersed over 25 years that like $40,000.00 to $50,000.00 a year. Remember that's if you started day one, put $1,000.00 a month in and if the city matched $1 for $1 which I believe is more then it gives for each officer into the pension per month today. It also needs the market to stay strong to dounlennongurantees there my friend.
Agreed. Also the pension pays for widows and children. It just doesn't pay your pension when you retire. Also remember if you retire and the stick market corrects you could have $600,000 instead of 960 and when you take 49 or 40k a year out there is no way you can make that loss up.
Had a friend a few years back , retired and kept his deferred in stocks. Was scheduled to get lik15k a year for 15 yrs. after the market crashed and when you are in stock deferred recalculated your options every year they told him he had a choice. 15k for 8 ears or 8k a year for 15 years
Anonymous Anonymous said...
Stop with this 401k nonsense. Even if you put $1,000.00 a month into a 401k and the city marched that $1 for dollar which it wouldn't, after 20 years you would have $480,000.00. If it doubled through investments that's $960,000.00. Dispersed over 25 years that like $40,000.00 to $50,000.00 a year. Remember that's if you started day one, put $1,000.00 a month in and if the city matched $1 for $1 which I believe is more then it gives for each officer into the pension per month today. It also needs the market to stay strong to dounlennongurantees there my friend.
You are not doubling your investment in 20 years with any fixed investment at 3%. Remember that 20th year investment only make 3% it's not like you make 3% of 480000 every year. The first year you only made 3% on 24000
You are not doubling your investment in 20 years with any fixed investment at 3%. Remember that 20th year investment only make 3% it's not like you make 3% of 480000 every year. The first year you only made 3% on 24000.
Hey idiot I never said to keep the money in fixed. I really can't believe how dumb some coppers are. I earned over 19% last quarter on my deferferred comp and yes I have more then doubled what I have put in since I stared this job which was over 20 years ago. A couple other things while I'm at it. The money is invested by a national company not the city of Chicago. When you retire and start drawing funds out the bulk of the money stays in your account still tax free earning interest based on the funds you are invested in and yes there is the possibility you can still loose money. That's why a lot of people go into a fixed option as they get older less interest but more stability. The reason the call it fixed is because the interest is safe stable year after year non aggressive investing.
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