October 31, 2007
The Civic Federation opposes the City of Chicago's proposed $5.9 billion budget. The budget proposes an additional $266.6 million in new spending and includes a $108.0 million property tax increase, the largest in recent Chicago history. We believe that the 15.1% property tax increase should be rejected and the city should maintain its self-imposed property tax cap. We believe that the city has not made a compelling case for why libraries--the intended beneficiaries of the property tax increase--should receive a higher priority in the budget than the city's pension funding crisis or alarmingly low corporate fund reserves.