Pensions and the CPS loan

“I mean, there’s nothing prohibiting us from stating that all revenue generated from the casino would go towards the pension, which is our hugest liability, which we follow suit with what the state has put forward.”

“I, I don’t think it’s a community benefits. I think they’re calling it a community benefits fund in the document in order to, um, have that money directed to the city. But the money, when it comes to the city, is being directed to the pension fund, which would be in our budget.”

“I want to move on to, uh, the advanced pension payment. We budgeted $260 million this year.”

“They had to take out a $1.8 billion short-term loan. They’re paying over $220,000 a day in interest, and I think their running total now is up to over $62 million, um, in, in borrowing costs.”

“I think we need a full pension payment. I am gravely concerned that we’re doing what councils in the past have done, and that’s try to solve a problem for one year that leads to much larger problems in future years.”

“This amendment will increase our debt service costs and force CPS to pay hundreds of millions of dollars in borrowing costs each year, diverting desperately needed funds away from our classrooms.”

“We have no idea what the TIF surplus is going to be. I know that it’s been touted that it was a record surplus, like it was some great thing. For the record, that $500 million didn’t all go back to students. $175 million of that came back to the city for, for the pension payment.”