Chicago Tribune
This article discusses City of Chicago Mayor Rahm Emanuel’s warnings about the City’s FY2012 budget deficit, projected at $635.7 million. The article notes that the deficit figure does not include pension system shortfalls, which could add another $500 million to the sum owed. The Civic Federation is cited saying that without changes in the City’s pension systems or new sources of revenue, the City’s property tax could double as a result of the pensions.