"Trust Us!"
The check is in the mail....we swear!
Top mayoral aides assured the City Council on Monday that the full $260 million advance pension payment will be made, and that Mayor Brandon Johnson’s decision to make that payment in two installments to ease a cash flow crunch will not trigger another costly reduction in Chicago’s bond rating.
A financial brain trust that included Budget Director Annette Guzman, Comptroller Michael Belsky and interim Chief Financial Officer Steve Mahr cited several reasons for Johnson’s decision to cut the initial payment in half. Chief among them are the delayed property tax payments from Cook County tied to the long-stalled computerized overhaul of that system by Tyler Technologies.
Chicago’s share of those payments from Cook County have been trickling in slowly and are still roughly $135 million behind. Property tax payments to all four city employee pension funds were also delayed. That forced the city to make advance payments to those funds — to prevent them from losing investment income down the road — by selling off assets to meet obligations.
Investment 101 - selling assets to meet obligations is a HUGE no-no, because now the asset is gone. Not only is it gone, but (given the recent history and current market projections) it's going to cost significantly MORE to buy back that asset...or different assets.
Also, breaking up the payment only works if you don't spend the half withheld on some other boondoggle. Do we have that guarantee? Conehead already raided the TIF "surplus" to the tune of a billion dollars exclusively for the CTU, while the firefighters are owed something like four years back pay and the CPD white shirts have an outstanding VRI payment (ordered by the courts) dating back nearly a decade.
We can see exactly how this idiot didn't pay his water bill for years.
Labels: money questions
posted by SCC at 12:09 AM
46 Comments:
But I gots to have money so I can gets some new shoes that I likes ya'll !
We are doomed! They can’t even pay people working reliably anymore.
Welcome to the ghetto lifestyle of the Johnson administration y'all.
It's not a problem that can be solved. Those that get theirs get it, but long term there's going to be a lot of pain.
“Financial brain trust” 🤣😂😆
Keep it up assholes.
and the black folks still wonder why their property taxes went up?
Palatine Teacher Fired Over Anti-BLM Posts Turns To SCOTUS
In Facebook comments in 2020, she called for rioters to be "hosed down" with liquid human waste by septic trucks.
...In a separate action, Hedgepeth had also sued Tim McGowan, a Black Lives Matter activist who she blamed for launching the effort to get her fired.
McGowan would be elected to serve on the District 211 Board of Education from 2021-2025...
https://patch.com/illinois/palatine/palatine-teacher-fired-over-anti-blm-posts-turns-scotus
This mayor is dangerously incompetent and dumb. This is real life scary for Chicago. We may never recover from the damage this moron has done.
they are waiting for all that "projected tax revenue" to start rolling in :)
Is the VRI money just for white shirts?
Don’t forget Sgt’s Lt’s and Captains are getting their contracts done this year. It’ll be four years of retro that is owed to them as well.
C'mon man!! The Skyway and the Parking Meter deals worked out just fine..
Democrat mathematics. Drive a nice car but live in a shit neighborhood.
But he was "fittin to" pay it
Now, kees me you fool!!!!
"I'll gladly pay you Tuesday for a hamburger today."
I have continued to hear about the times Trump entities have filed for BK from smirking Democrat politicians. All while the areas they represent and control are by any objective measure bankrupt. As the death spiral in Chicago and Illinois continues to build momentum fueled by CTU demands, ideological delusion and good old grift I'm betting the under on when it goes into complete collapse. When the tax base no longer supports the nut and there is no one else to borrow from because your bond rating is DDD you have to start selling assets (wonder how much BJ could get for the Art Institute?). At that point all the rats who have fed off the system and those with enough money have moved to Long Beach or Naples, FL. Guess we will see how long the pensions can continue to pay out.
May this be a huge landmark victory. Am tired of all the anti white nonsense.
It will be very interesting to learn exactly what was sold off this time? Perhaps the obummer monstrosity, or the lake front or maybe even city hall?
Remember when conehead’s wife spent $14k on her office? These dei characters think they’re royalty with our money. Surprised they haven’t bought crowns, tiaras and massive jewelry with Gucci and Tiffany trimmings in loud colors to match their big mouths.
Take from Peter to pay Paul. What a POS this Mayor is. He couldn't budget the pocket change in his pocket
It happened before I was on the job in late 1990's. Daley took a pension payment holiday and was never able to make up thr lost gains. Can anyone with more information add details?
Blue shirts too. It now goes back to 2005. It includes almost every type and kind of overtime program. Its only for flsa ot, so supervisors were the most underpaid. Also, they were not given a rank credit.
Everyone for the past 40 years fucked us. And we did nothing.
Does anyone know what happens if I get caught living in a suburb? I am assessing the risk versus the rewards. The rewards are phenomenal, my kids to to one of the best school systems in the world. My kids are building a network that will last a lifetime. My neighbors think that I am highly successful and accomplished because I live in the same neighborhood. They are constantly offering jobs to me. This is a wet dream.
Who voted democrat?
Time to file a lawsuit with the state before this shit gets out of hand. Any income that was supposed o go to the city, will first go to the pension fund to satisfy the shortfall. It is written in the state law. But then again, we all know how democrats cherry pick which laws to follow.
Their logic: I can live in my car, but I can’t drive my house.
as a token of his heartfelt sympathy, ex-mayor daley stated he will give up half his pensions to help the city financial crisis, but will still keep all the kick backs since he did not claim those on his taxes
Remember the BLM finance motto you can sleep in your car but can’t drive your house 👀👀
Yes, it'll be millions after Sgt. Union win the pay raise 20% more than current detectives' salary.
pay to play the democratic way
Sell City Hall. Oh wait, never mind, City Hall has already been bought and sold out.
The more you know...
Belsky was a POS member of the City Council and had a couple terms as Mayor of the Northshore Libtard Stronghold: Highland Park
He was a muckety-muck at Fitch Ratings, so why he'd want to go to work for such an upside-down, poorly rated City like Chicago I have no idea. Must be a really fat envelope.
2016 Patch: https://patch.com/illinois/highlandpark/former-highland-park-mayor-belsky-head-center-municipal-finance-university-chicago
LinkedIn: https://www.linkedin.com/in/mike-belsky-88617a90
LinkedIn for The Investment Firm: https://www.linkedin.com/company/greenwich-investment-management
2025 Press Release from City of Chiraq: https://www.chicago.gov/content/dam/city/depts/mayor/Press%20Room/Press%20Releases/2025/July/City%20Council%20Confirms%20Michael%20Belsky.pdf
RocketInfo: https://rocketreach.co/mike-belsky-email_18455071
IGFOA: https://www.igfoa.org/content/documents/bio_-_michael_d._belsky.pdf [they make a big deal out of Highland Park having a AAA Bond rating during his tenure - but that wasn't real hard to do in that Northshore town where you had little crime, lots of highly valued property, people who paid their taxes and water bills, and not a lot of delayed bullshit. IIRC - he did push some downtown HP redevelopment which never really worked out as predicted but otherwise wasn't a complete dipshit like *cough*NancyRotering*cough*].
More Details: https://learn.planning.org/page/view.php?id=1186&lang=en_us
2019 Patch (worked with Pritzker after he became Governor, discusses asset transfers): https://patch.com/illinois/highlandpark/pritzker-forms-pension-task-forces-ahead-first-budget-proposal
2024 Tribune Opinion Piece: https://www.chicagotribune.com/2024/11/19/opinion-chicago-needs-a-better-budget-process/
Pay yo damn bills: https://www.msn.com/en-us/money/economy/public-employees-owe-chicago-23-5-million-in-debt-for-parking-tickets-water-bills-other-fees/ar-AA1Uni20
No, everyone who worked it 2012 to 2017
Dont speak too soon
OT-he's a looker-https://share.google/KBa1Ab1e6fjqbZAUA
Pray that she wins, we already know that she has 2 votes against her.
Yes. What’s more to add. Each mayor after has shorted the amount needed for the pension fund to recover at the same rate it was reduced. The Democrats don’t know how to cut expenses, they can’t even cut payroll expenses which is the easiest thing to do...stop hiring assistant Deputy Director to the “fill in the blank” department
You guys need to plan for alternate retirement funding. No way in hell is the city ever going to be able to fund your pensions properly. They have programs to run. Your retirement is just an inconvenience to them. They WILL find a way to weasel out of it.
So how much is owed to us and when are we supposed to get it? Also heard it’s collecting interest. Does anyone know the truth about the VRI money?
you can if it's an RV or trailer home
Yeah, and the “other” side doesnt care because there progressive nutt jobs
As you first stated in your comment, city assets were sold off (sold for chump change but worth billions.) DEI had nothing to do with that, so stop with pointing fingers as if one group has run this city into the ground
Anonymous said:
"As you first stated in your comment, city assets were sold off (sold for chump change but worth billions.) DEI had nothing to do with that, so stop with pointing fingers as if one group has run this city into the ground"
Is one group that has run this city into the ground you absolute clown. Democrats...DEI or otherwise.
Male or female?
The city brain trust could save millions of dollars by establishing city areas for all the parades. Chicago would not have to close several streets and pay the meter owners revenue lost from meters on streets closed for parades. Hold parades in various parks and build bleachers for seating. Millions.
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