Excerpts from CBSChicago.com: Mayor Rahm Emanuel addressed city aldermen on Tuesday, revealing a plan that would require a $543 million increase in property taxes to stabilize the police and firefighter pension funds. If not approved, the city risks cutting thousands of jobs among its emergency services personnel. The mayor’s proposed budget includes spreading out the $543 million tax hike over four years, with the majority coming in 2015. Alongside this, he also introduced new fees for garbage collection and several other tax increases, aiming to close the city’s long-standing budget deficit and address the growing pension crisis. Additionally, he called for an extra $45 million in property taxes to fund school construction projects. If at least 26 aldermen approve the plan, it would mark the largest property tax increase in modern Chicago history, according to analysts. Emanuel described the tax hike as a “last resort†to prevent severe cuts to essential city services. He warned that without additional revenue, the city would have to lay off 2,500 police officers and 2,000 firefighters, close 48 fire stations, reduce trash collection to twice a month, stop recycling, and halt pothole repairs and rodent control efforts. “If we were to fund our pensions through cuts alone, our city services would become unreliable and unlivable,†he said. “That’s unacceptable. We must solve our pension challenge—either by making these painful cuts or by raising property taxes to meet our obligations to those who protect us every day. The bill is due today, and that’s the choice before us.†The plan calls for a $318 million increase in the 2015 property tax levy, with additional hikes of $109 million in 2016, $53 million in 2017, and $63 million in 2018. An extra $45 million in property taxes would also be allocated for school construction in 2015. Overall, the $588 million in tax increases would cost a homeowner with a $250,000 property about $588 more annually. Beyond property taxes, Emanuel proposed a $9.50 monthly garbage fee, a 50-cent surcharge on taxi and ride-share rides, a 15% fare increase for cabs, and a $5 fee for ride-share pickups and drop-offs at O’Hare and Midway airports. He also suggested new taxes on e-cigarettes and increased building permit fees to generate additional revenue. Emanuel emphasized that he has already included $170 million in savings and cost-cutting measures before turning to higher taxes. Ralph Martire, director of the Center for Tax and Budget Accountability, noted that residents may not be happy with the array of new taxes and fees. “People are likely to react negatively to these incremental tax increases, like the garbage and cab fees,†he said. He added that during former Mayor Richard M. Daley’s time in office, the city often relied on one-time revenues and borrowing to cover ongoing expenses, allowing pension debts to grow unchecked. “Emanuel will have to make tough decisions, and some of these should have been made years ago,†Martire said. “Drastic steps are needed to fix the city’s finances and pension systems.†However, top Democratic lawmakers and Republican Governor Bruce Rauner have struggled to reach agreement on any major policy changes. Conveyor Safety Devices,Conveyor Belt Switch,Belt Skid Slip Detector,Conveyor Safety Switch SUZHOU ARPHU INDUSTRIAL CO., LTD , https://www.arphuind.com
Chicago property tax increase for pension payments (more)