Gov. Pat Quinn has offered up a new way to pay down the pension debt cities and towns across Illinois have accumulated: increase the share of income tax revenue the state doles out to municipalities. The governor floated this proposal during his remarks at the City Club of Chicago luncheon on Monday.
Relief cannot come soon enough for Chicago. Currently the City of Chicago has more than $19 billion in pension debt. That’s five times the city’s entire 2014 operating budget.
We already looked at the state of each of these funds. See how things stack up for the city in the infographic below: