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Since day one, my administration has worked to strengthen the City's finances by making the necessary cuts and reforms to spending, which have resulted in reducing the structural deficit by half. Finding a long-term solution to our pension crisis is a critical piece to securing Chicago's economic future.
Working with 30 union leaders who were willing to compromise and be part of the solution, and with the General Assembly and Governor Quinn, we have taken a big step in addressing Chicago's pension crisis. This pension reform and retirement security plan marks a significant step forward for Chicago. It ensures that we can continue to deliver the services that residents rely upon, safeguards the retirements that 61,000 workers and retirees expect, and respects our taxpayers.
This balanced plan relies on efficiencies and savings as part of a long-term funding solution, and I intend to work with City Council in the coming months to find alternative options to replace property taxes as the source of the City's first pension payment.
Today's action is another step toward correcting the series of financial challenges that have been building over the last few decades. I thank the Governor for his leadership, the General Assembly, and our partners in labor who worked with us to reach a responsible long-term solution that will allow us to chart a stronger future for Chicago.