Chicago’s top financial officials defended Mayor Lori Lightfoot’s plan to take $242 million from the city’s surprise surplus and use it to pay down the a massive pension debt to skeptical members of the Chicago City Council.
If approved as part of the city’s 2023 spending plan, the additional payment to the city’s four pension funds would represent the first time Chicago officials have paid more than required.
Chief Financial Officer Jennie Huang Bennett faced pointed questions from members of the City Council’s Budget and Government Operations Committee on Thursday about the proposal. The infusion of cash will help the city weather the recent drop in the stock market, which caused the city’s pension accounts drop by 12% by the end of August, with additional losses expected, Huang Bennett said.
Before the pandemic, Chicago finance officials projected that the city would eliminate its longstanding imbalance between revenues and expenditures and reach structural balance in 2023. In 2023, Chicago will pay more than $2.34 billion to its pension funds — more than an additional $1 billion directly from the city taxpayers than it paid just three years earlier.
Despite that, the city’s pensions will remain a major expense for its corporate fund, which officials use to pay for discretionary expenses. That $478.5 million bill — up $149.3 million from 2021 — will be covered in part by the $40 million from Bally’s in return for the City Council’s approval of their plan to build a casino and resort in River North the green light and a temporary casino set to open at the Medinah Temple next summer.
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Chicago Financial Officials Defend Lightfoot’s Plan to Use $242M to Pay Down City’s Pension DebtChicago’s top financial officials defended Mayor Lori Lightfoot’s plan to take $242 million from the city’s surprise surplus and use it to pay down the a massive pension debt to skeptical members of the Chicago City Council.
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