Chicago's City Council has approved a budget that includes a massive property tax hike and other fees to help close a shortfall and address the city's underfunded pension system. Chicago has the worst-funded pension system of any major American city.
Aldermen say it's needed to improve Chicago's financial footing and continue services. But many called the vote on the $7.8 billion budget the most difficult of their careers.
Mayor Rahm Emanuel proposed an incremental $543 million property tax increase for police and fire pensions.
To make the property tax more palatable, Emanuel wants an exemption, but it requires state legislative approval.
He's also asked for a $45 million dollar tax hike for schools, a $9.50 monthly garbage charge and other fees.
