Pension Debt Looms Over City Hall Amid Budget Hearings

Craig Dellimore
October 23, 2018 - 6:00 am
Chicago City Hall
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CHICAGO (WBBM NEWSRADIO) -- Despite questions from Chicago aldermen, Mayor Emanuel’s financial team was putting off any detailed discussion Monday of the city’s pension-debt problems.

It’s something that was not specifically dealt with in Emanuel’s recently proposed budget – his last before leaving office.

Chief Financial Officer Carole Brown was resisting even giving an outline of options for paying down that debt.

She said budget planners are working with the mayor, and he expects to address the aldermen in December.

Standard & Poor’s has warned the city about the risks of pension borrowing, one of the options likely to be considered.