Faced with the impossible task of balancing Chicago’s budget without pension reform, Mayor Lori Lightfoot is forced to partially rely on phantom cuts and revenues.
Nearly a third of property tax revenue in Chicago is diverted into 143 TIF districts controlled by the mayor, nearly half of which are located in affluent neighborhoods.
Analysis from PolitiFact Illinois and the Better Government Association misreads or ignores Chicago Public Schools bailout provisions within Senate Bill 1.
Gov. Bruce Rauner has suggested funding CPS with tax increment financing, or TIF, funds; this would temporarily bail out the district, but more needs to be done to address serious concerns about Chicago’s TIF program.
When Chicago Public Schools laid off more than 2,000 employees – including 1,036 teachers – last week, Chicago Teachers Union President Karen Lewis skewered Mayor Rahm Emanuel for not supporting tax-increasing policies that she claims would bring additional revenue to the city. She said: “It is equally shameful that as CPS slashes school budgets, they have not offered one...
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.