"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.