October 15, 2018
In presenting his plan, Vallas described a city financial picture that remains riddled with debt, saddled by low credit ratings and hampered by billions in unfunded pension obligations with nearly $1 billion in new annual payments on the horizon by 2023.
“I’m running for mayor, because I know Chicago is facing dire financial conditions, and it’s impacting and resonating in all aspects of all life in our communities,” Vallas said. “We’re in a serious financial crisis as a city, and that crisis is not lessening.”
Vallas’ plan attempts to tackle the city’s financial challenges without relying entirely on tax increases for Chicagoans who already have been tapped for a record $543 million property tax increase, and various other fee and fine increases on Mayor Rahm Emanuel’s watch to help stabilize the city’s pension funds and reduce a City Hall budget shortfall that has shrunk but has yet to be entirely wiped off the books.