Chicago City Council votes to use $75M parking meter payment for pension debt

Yeah, exactly. So we know that the city council just voted 44 to 6 here to use that $75 million that the city got up front from that parking meter deal to pay down pension debt instead of using that money to cover next year's deficit. So Mayor Johnson originally wanted to use this money toward its planned pension payment for 2027. Now, if the city council blocked him, the mayor would have been dealing with a huge $75 million hole in his proposed budget. Aldermen who supported using this money toward that pension debt say that parking meter cash was always meant for pensions, accusing the mayor of using a one-time cash infusion just to free up money for other spending. We are hearing now from the city's Budget Accountability Coalition, which says this will be an extra payment on top of the city's required pension contributions for this year. In its statement, it says in part, paying down pension debt is one of the most responsible choices Chicago can make because the $75 million comes on top of what the city already planned to pay. It's projected to save taxpayers about $213 million over time, nearly $3 for every dollar. Once again, we've heard these all the way. And talking about how this will really benefit the Chicago taxpayer. And there you have it. It passed in a 44 to six vote. Guys, back to you.