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Cook County Judge held hearing this morning on Chicago fire pension fund lawsuit against city of chicago in which fund has asked for (and received) intercept of city's grant funds to cover shortfalls over contributions in FY16,17, and 18. the dispute centers on method
for making contributions - Chicago is fighting with the fire fund over the language of the state pension code, and how to handle late property tax collections, which can lead to shortfalls in the pension contributions.
City says it can use property tax levy + deposits from other funds to make contribution. In other words, the fire fund should absorb any tax collection shortfall. City is asking for judge to issue summary judgement in their favor and credit already intercepted grants toward next
FY's pension contribution. Amounts are not huge (under $10m for FY16,17 and 18), but dispute could become chronic and include other city's other 3 funds. Judge expressed frustration with vagueness of state statute, and said she would rule on Nov. 22 or before. #muniland #twill
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