Chicago government-worker pensions are massively under-funded. So in typical Chicago-land fashion, the City Council is betting on casino revenue to plug the pension gap. Do taxpayers and workers feel lucky?
City aldermen last month approved a $1.7 billion casino and entertainment complex by Bally’s Corp. that will supposedly generate $200 million annually in tax revenue for the city police and firefighter pension funds—assuming financial forecasts prove accurate. Remember, this is Chicago.
The police and firefighter pension funds are only about 20% funded—among the worst in the country—even though 80% of city property tax dollars go toward pensions. The city’s annual pension payments have risen by $1 billion over the past three years.
