Chicago's pension contributions to its four funds could reach $1.03 billion in fiscal year 2017 under Chicago Mayor Rahm Emanuel's budget proposal released Tuesday.
Mr. Emanuel's budget proposal calls for $500 million for the $2.3 billion Chicago Policemen's Annuity & Benefit Fund in fiscal year 2017, which started July 1; $267 million for the $4.6 billion Chicago Municipal Employees' Annuity & Benefit Fund; $227 million for the $806 million Chicago Firemen's Annuity & Benefit Fund; and $36 million to the $1.2 billion Chicago Laborers' Annuity & Benefit Fund.
Mr. Emanuel's budget represents a 21% increase from last year's budgeted amount of $849 million.
According to Mr. Emanuel's proposal, the city's 2017 contribution will be funded with “$839.08 million in revenue from property tax collections and $190.9 million from other sources, including $82.3 million funded through revenue from the city's enterprise and special revenue funds.”
Along with increased property taxes, other revenue sources announced over the last year dedicated to the pension funds include a new water-sewer tax and the 2014 increase in the city's emergency phone surcharge.
