Lightfoot's 'pandemic' budget: 500 layoffs, $94 million property tax hike
Raising Chicago’s nickel-a-gallon tax on gasoline to 8 cents and imposing a $94 million property tax increase that will cost the owner of a home valued at $250,000 an extra $56 a year.
Eliminating 1,000 vacant city jobs, 450 of them police officers, and laying off up to 500 city employees, but delaying the pink slips until March to give the new Congress a chance to ride to the rescue.
Refinancing $500 million in city debt and raiding Chicago’s $900 million in reserves, but only by $30 million to avoid another drop in Chicago’s already shaky bond rating.
Declaring a record $350 million tax increment financing surplus to generate a $189 million windfall for the Chicago Public Schools, but snatching back $55 million of that money by shifting pension and crossing guard costs from the city to CPS.
Read more: https://chicago.suntimes.com/city-hall/2020/10/19/21523728/chicago-city-budget-coronavirus-covid-layoffs-property-gas-taxes-congress-stimulus