In today’s Crain’s Chicago Business, Greg Hinz reports on the possible fiscal impact of a recent court decision finding Chicago city pension reform unconstitutional. Hinz delivers a cost estimate of about $200 million a year, based on discussions with several informed parties.
It’s not like this is the total estimated cost of resolving Chicago’s problems today – it represents only the incremental impact based on a few estimates of the financial impact of this recent court decision alone.
That decision will be appealed, another source of uncertainty.
Some of the people most central to the difficult decisions and negotiations are likely under a fair amount of stress these days. They would include Chicago Mayor Rahm Emanuel. In his article, Hinz notes that Emanuel “gets back from a European vacation in a day or two.”
Hope the Mayor finds his trip refreshing and rewarding.