The Brief
- The City Council voted 44-6 to use a $75 million upfront payment from the parking meter deal to pay down pension debt.
- Mayor Brandon Johnson had proposed using the money toward his planned 2027 pension payment.
- The city’s Budget Accountability Coalition said the additional payment is projected to save taxpayers about $213 million over time.
CHICAGO – A Chicago City Council vote has redirected money from the city’s parking meter deal toward pension debt.
Chicago parking meter pension payment
What we know:
The council voted 44-6 to use the $75 million Chicago received upfront from the parking meter deal to pay down pension debt, instead of using the money to help cover next year’s budget deficit.
Mayor Brandon Johnson had proposed using the money toward his planned 2027 pension payment. Since the City Council blocked that plan, the mayor will have to come up with another way to close next year’s budget deficit.…