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* Daley: Day of reckoning for financial crisis
Mayor Daley warned today that the day of reckoning has arrived for a financial crisis that’s choking local taxpayers: underfunded city pensions.
Daley said the 32-member pension commission he created more than two years ago will soon recommend solutions to the crisis that won’t be pretty or politically popular.
* Daley says pension fix ideas on the way
* Daley floats tax break for Inland Steel building
* Daley: Students get cheated when grades are changed
Daley and others commented on an exclusive Chicago Sun-Times report Wednesday of massive grade changing after the marking period ended last school year at Hyde Park, including 873 F’s changed to passing marks. More than 1,100 other grades were changed downward.
* 2,000 grades raised at Chicago Public Schools’ Hyde Park Academy
* Daley Criticizes Grade Fixing
* CTA bus riders flock to rail
* More Tasers, more training for Chicago Police officers
* Chicago cops to have a Taser in every squad car
Move comes same day a man dies in Midlothian after being Tasered by police
* Chicago police expanding Taser use
* Cop classes go beyond against-the-wall frisking
As a result, training instructors for the Chicago Police Department have moved away from teaching recruits to do searches that way in recent years. Instead, trainees are taught to make suspects stand, then hold one arm of the suspect and perform a one-handed pat-down.
* Developer greased zoning change deal by doing free work on Carothers’ home: prosecutors
* Prosecutors allege developer bribed alderman
* CBOE may file IPO application today: report
The Chicago Board Options Exchange (CBOE) may file an application with the U.S. securities regulator for an initial public offering, the Financial Times reported, citing people familiar with the matter.
* Rush paying $1.5 mil. to settle Medicare charges
* Highland Park schools not immune to budget woes
District 112 faces $2 million deficit
* Teachers union rejects District 207’s request to open contract
* Illinois pork, cattle producers focus on use of antibiotics
posted by Rich Miller
Thursday, Mar 11, 10 @ 8:46 am
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The Mayor’s comments regarding the economic crisis facing taxpayers demonstrates a political wisdom lacking in most current politicians.
If Quinn will not be honest, then it looks like Daley will be forced into a role he can pull off.
Comment by VanillaMan Thursday, Mar 11, 10 @ 9:06 am
Wasn’t the sale of the parking meters supposed to shore up the pensions? Daley’s right about the looming problem, but he has no idea how to solve it.
Comment by Joe Dokes Thursday, Mar 11, 10 @ 9:11 am
Here’s an idea put the TIF fund money back where it belongs in the budget insted of kickbacks for your developer friends.
Comment by Fed up Thursday, Mar 11, 10 @ 9:19 am
The fact that the Dist. 112 school board is even considering increased class sizes, layoffs or tax hikes when our deficit is in fact 8 percent of the reserve fund amount seems inappropriate. As a Highland Park taxpayer, I don’t see any reason why they should not be tapping the reserve.
It reminds me of the U of I situation. Yes, the reserve fund should not be totally depleted or used this way continuously - but this is a crisis. It should be used, at least in part, at least for this year.
Comment by Paul Thursday, Mar 11, 10 @ 10:52 am