WEBVTT 00:03.600 --> 00:08.400 align:start position:10% line:74% size:32.5% >> THANK YOU. 00:04.466 --> 00:09.266 align:start position:10% line:74% size:75% >> IS THERE A LIGHT AT THE END 00:06.066 --> 00:10.866 align:start position:10% line:74% size:70% OF THE FISCAL TUNNEL FOR THE 00:08.400 --> 00:12.700 align:start position:10% line:74% size:40% CITY OF CHICAGO? 00:09.266 --> 00:14.300 align:start position:10% line:74% size:70% TODAY THE MAYOR LAID OUT HIS 00:10.866 --> 00:16.000 align:start position:10% line:74% size:80% BUDGET FOR THE YEAR UNDERSCORING 00:12.700 --> 00:17.733 align:start position:10% line:74% size:72.5% THE SMALLEST DEFICIT SINCE HE 00:14.300 --> 00:20.166 align:start position:10% line:74% size:55% HAS BEEN IN OFFICE AND 00:16.000 --> 00:20.533 align:start position:10% line:74% size:77.5% CELEBRATING AN IMPROVED OUTLOOK 00:17.733 --> 00:23.300 align:start position:10% line:74% size:67.5% ON STNSES FROM THE RAIDINGS 00:20.166 --> 00:25.733 align:start position:10% line:74% size:22.5% AGENCIES. 00:20.533 --> 00:27.300 align:start position:10% line:74% size:80% THIS AFTER A HOST OF TAX AND FEE 00:23.300 --> 00:28.833 align:start position:10% line:74% size:70% HIKES HAVE GONE INTO EFFECT. 00:25.733 --> 00:30.266 align:start position:10% line:74% size:70% PARIS SCHUTZ HAS THE LATEST. 00:27.300 --> 00:32.166 align:start position:10% line:74% size:52.5% WHAT CAN YOU TELL US? 00:28.833 --> 00:34.033 align:start position:10% line:74% size:70% >> HOURS AFTER THAT DEAL WAS 00:30.266 --> 00:35.633 align:start position:10% line:74% size:80% REACHED WITH TEACHERS, THE MAYOR 00:32.166 --> 00:38.933 align:start position:10% line:74% size:77.5% APPEARED BEFORE CITY COUNCIL TO 00:34.033 --> 00:40.733 align:start position:10% line:74% size:70% GIVE THIS BUDGET ADDRESS AND 00:35.633 --> 00:46.133 align:start position:10% line:74% size:80% SAID THIS $3.7 BILLION BUDGET IS 00:38.933 --> 00:47.666 align:start position:10% line:74% size:65% UNLIKE ANY OTHER IN RECENT 00:40.733 --> 00:48.633 align:start position:10% line:74% size:75% MEMORY WITH A DEFICIT IS ABOUT 00:46.133 --> 00:51.666 align:start position:10% line:74% size:77.5% ONE-FIFTH WHAT IT WAS HIS FIRST 00:47.666 --> 00:53.500 align:start position:10% line:74% size:37.5% YEAR IN OFFICE. 00:48.633 --> 00:54.466 align:start position:10% line:74% size:77.5% TAKING INTO ACCOUNT THE MASSIVE 00:51.666 --> 00:56.400 align:start position:10% line:74% size:72.5% 588 MILLION PROPERTY TAX HIKE 00:53.500 --> 00:58.200 align:start position:10% line:74% size:40% PUT INTO EFFECT. 00:54.466 --> 01:01.700 align:start position:10% line:74% size:70% PART OF THAT WILL GO UP THIS 00:56.400 --> 01:03.200 align:start position:10% line:74% size:72.5% YEAR AND THEN THERE'S THE 30% 00:58.200 --> 01:06.933 align:start position:10% line:74% size:77.5% HIKE IN WATER AND SEWER FEES TO 01:01.700 --> 01:08.233 align:start position:10% line:74% size:70% STABILIZE THE CITY PENSIONS. 01:03.200 --> 01:10.000 align:start position:10% line:74% size:67.5% BEYOND THAT THERE IS A $137 01:06.933 --> 01:13.566 align:start position:10% line:74% size:72.5% MILLION BUDGET SHORTFALL THAT 01:08.233 --> 01:16.533 align:start position:10% line:74% size:70% WILL BE CLOSED THROUGH CUTS, 01:10.000 --> 01:19.500 align:start position:10% line:74% size:62.5% DEBT COLLECTION AND A TIF 01:13.566 --> 01:22.333 align:start position:10% line:74% size:80% SURPLUS OF $175 MILLION THAT THE 01:16.533 --> 01:23.266 align:start position:10% line:74% size:72.5% CITY IS GOING TO PUT AFTER TO 01:19.500 --> 01:26.100 align:start position:10% line:74% size:70% CPS AND HALF TO THE CITY AND 01:22.333 --> 01:28.633 align:start position:10% line:74% size:77.5% INCREASED ECONOMIC NUMBERS THAT 01:23.266 --> 01:31.900 align:start position:10% line:74% size:70% ARE DRIVING REVENUE INTO THE 01:26.100 --> 01:32.300 align:start position:10% line:74% size:80% COFFERS AND A NEW SEVEN CENT TAX 01:28.633 --> 01:34.800 align:start position:10% line:74% size:72.5% ON PLASTIC AND PAPER SHOPPING 01:31.900 --> 01:36.500 align:start position:10% line:74% size:12.5% BAGS. 01:32.300 --> 01:39.900 align:start position:10% line:74% size:75% THE MAYOR BELIEVES THIS HELPED 01:34.800 --> 01:42.033 align:start position:10% line:74% size:70% TURN THE CITY'S FISCAL TIDE. 01:36.500 --> 01:45.966 align:start position:10% line:74% size:70% >> IT IS A BUDGET FREE OF AN 01:39.900 --> 01:47.600 align:start position:10% line:74% size:62.5% IMMEDIATE PENSION CRISIS. 01:42.033 --> 01:48.833 align:start position:10% line:74% size:60% FREE OF A BLACK CLOUD OF 01:45.966 --> 01:51.800 align:start position:10% line:74% size:65% INSOLVENCY THREATENING THE 01:47.600 --> 01:52.133 align:start position:10% line:74% size:72.5% RETIREMENTS OF CITY EMPLOYEES 01:48.833 --> 01:53.833 align:start position:10% line:74% size:67.5% AND THE FINANCIAL FUTURE OF 01:51.800 --> 01:56.466 align:start position:10% line:74% size:20% CHICAGO. 01:52.133 --> 01:57.000 align:start position:10% line:74% size:70% FOR TOO LONG CHICAGO WAS NOT 01:53.833 --> 01:59.533 align:start position:10% line:74% size:72.5% HONEST WITH THE TAXPAYERS AND 01:56.466 --> 01:59.900 align:start position:10% line:74% size:25% EMPLOYEES. 01:57.000 --> 02:01.700 align:start position:10% line:74% size:70% ABOUT THE TRUE COST OF THEIR 01:59.533 --> 02:05.166 align:start position:10% line:74% size:22.5% PENSIONS. 01:59.900 --> 02:08.133 align:start position:10% line:74% size:70% >> AND THERE'S NEW SPENDING. 02:01.700 --> 02:08.500 align:start position:10% line:74% size:70% 3s $36 MILLION FOR MENTORING 02:05.166 --> 02:09.833 align:start position:10% line:74% size:57.5% PROGRAMS THAT THE MAYOR 02:08.133 --> 02:12.633 align:start position:10% line:74% size:22.5% OUTLINED. 02:08.500 --> 02:13.133 align:start position:10% line:74% size:77.5% AND THEY ARE STARTING TO EXPAND 02:09.833 --> 02:15.066 align:start position:10% line:74% size:80% THE POLICE FORCE TO HAVE 970 NEW 02:12.633 --> 02:17.333 align:start position:10% line:74% size:25% POSITIONS. 02:13.133 --> 02:19.333 align:start position:10% line:74% size:70% NOW, AFTER CLOSE EXAMINATION 02:15.066 --> 02:21.233 align:start position:10% line:74% size:75% THIS YEAR'S BUDGET IS ADJUSTED 02:17.333 --> 02:21.566 align:start position:10% line:74% size:75% FOR THE NEW POSITIONS BUT IT'S 02:19.333 --> 02:22.633 align:start position:10% line:74% size:72.5% SUPPOSED TO HAPPEN OVER THREE 02:21.233 --> 02:25.733 align:start position:10% line:74% size:15% YEARS. 02:21.566 --> 02:26.833 align:start position:10% line:74% size:80% >> HOW MUCH MONEY IS SUPPOSED TO 02:22.633 --> 02:29.633 align:start position:10% line:74% size:67.5% BE RAISED BY THE NEW TAX ON 02:25.733 --> 02:32.366 align:start position:10% line:74% size:32.5% PLASTIC BAGS? 02:26.833 --> 02:34.733 align:start position:10% line:74% size:62.5% >> IT'S $9 MILLION BUT IT 02:29.633 --> 02:38.100 align:start position:10% line:74% size:72.5% REPLACES THE BAN THAT WILL BE 02:32.366 --> 02:40.800 align:start position:10% line:74% size:77.5% REPEALED AND ALDERMEN SUPPORTED 02:34.733 --> 02:42.600 align:start position:10% line:74% size:80% THIS NEW TAX SAYING THEY HOPE IT 02:38.100 --> 02:44.733 align:start position:10% line:74% size:70% HELPS MOVE CONSUMERS TOWARDS 02:40.800 --> 02:47.066 align:start position:10% line:74% size:35% REUSABLE BAGS. 02:42.600 --> 02:49.833 align:start position:10% line:74% size:80% >> FOLKS WHO FEEL LIKE THEY HAVE 02:44.733 --> 02:52.033 align:start position:10% line:74% size:75% BEEN HAVING TO BEAR THE BURDEN 02:47.066 --> 02:53.966 align:start position:10% line:74% size:80% IN OUR BUDGETS BUT WHEN YOU LOOK 02:49.833 --> 02:55.366 align:start position:10% line:74% size:70% AT USER FEES LOOK A BAG TAX, 02:52.033 --> 02:57.866 align:start position:10% line:74% size:75% THAT IS SOMETHING THE CONSUMER 02:53.966 --> 03:00.066 align:start position:10% line:74% size:30% CAN CONTROL. 02:55.366 --> 03:00.833 align:start position:10% line:74% size:80% >> AND WE HAVE TO SEE IF IS THAT 02:57.866 --> 03:01.466 align:start position:10% line:74% size:62.5% FEE IS HIGH ENOUGH AND -- 03:00.066 --> 03:02.800 align:start position:10% line:74% size:22.5% >> IS IT? 03:00.833 --> 03:04.466 align:start position:10% line:74% size:40% >> I DON'T KNOW. 03:01.466 --> 03:06.233 align:start position:10% line:74% size:65% RIGHT NOW OTHER CITIES ARE 03:02.800 --> 03:07.300 align:start position:10% line:74% size:70% HIGHER SO WE HAVE TO LOOK AT 03:04.466 --> 03:09.033 align:start position:10% line:74% size:75% NATIONWIDE AND THE STUDIES AND 03:06.233 --> 03:10.466 align:start position:10% line:74% size:50% TALK TO THE EXPERTS. 03:07.300 --> 03:13.066 align:start position:10% line:74% size:72.5% BUT I THINK THIS IS THE RIGHT 03:09.033 --> 03:16.033 align:start position:10% line:74% size:77.5% APPROACH TO START CHANGING WHAT 03:10.466 --> 03:17.266 align:start position:10% line:74% size:72.5% WE SAW WAS A FAILED POLICY IN 03:13.066 --> 03:18.933 align:start position:10% line:74% size:37.5% TERMS OF A BAN. 03:16.033 --> 03:20.266 align:start position:10% line:74% size:57.5% >> ANOTHER ELEMENT IS A 03:17.266 --> 03:22.300 align:start position:10% line:74% size:70% COMMUNITY CATALYST FUND THAT 03:18.933 --> 03:23.933 align:start position:10% line:74% size:65% WILL HAVE PUBLIC MONEY AND 03:20.266 --> 03:26.400 align:start position:10% line:74% size:75% PRIVATE MONEY IT'S TASKED WITH 03:22.300 --> 03:27.533 align:start position:10% line:74% size:80% RAISING THAT MONEY AND INVEST TO 03:23.933 --> 03:29.333 align:start position:10% line:74% size:72.5% GO INTO BUSINESSES TO COME TO 03:26.400 --> 03:31.100 align:start position:10% line:74% size:70% DISADVANTAGED NEIGHBORHOODS. 03:27.533 --> 03:32.833 align:start position:10% line:74% size:70% >> THE CITY WILL INVEST $100 03:29.333 --> 03:35.700 align:start position:10% line:74% size:72.5% MILLION IN THIS FUND OVER THE 03:31.100 --> 03:38.266 align:start position:10% line:74% size:42.5% NEXT THREE YEARS. 03:32.833 --> 03:40.566 align:start position:10% line:74% size:80% I'VE ASKED AND CHARGED TREASURER 03:35.700 --> 03:41.500 align:start position:10% line:74% size:70% CURT SUMMERS THE CHAIRMAN TO 03:38.266 --> 03:43.466 align:start position:10% line:74% size:72.5% RAISE PRIVATE CAPITAL SO THAT 03:40.566 --> 03:44.633 align:start position:10% line:74% size:72.5% ADDITIONAL PRIVATE INVESTMENT 03:41.500 --> 03:46.366 align:start position:10% line:74% size:77.5% COULD DOUBLE OR TRIPLE THE SIZE 03:43.466 --> 03:47.800 align:start position:10% line:74% size:30% OF THE FUND. 03:44.633 --> 03:50.033 align:start position:10% line:74% size:62.5% THIS EXPANSION OF CAPITAL 03:46.366 --> 03:53.033 align:start position:10% line:74% size:70% AVAILABLE FOR THESE TYPES OF 03:47.800 --> 03:54.400 align:start position:10% line:74% size:75% BUSINESSES MEANS MORE JOBS AND 03:50.033 --> 03:57.300 align:start position:10% line:74% size:72.5% MORE HOPE IN OUR COMMUNITIES. 03:53.033 --> 03:59.666 align:start position:10% line:74% size:80% >> SO DO EVERYBODY IN AGREE WITH 03:54.400 --> 04:03.000 align:start position:10% line:74% size:77.5% THE SCENARIO THE MAYOR PAINTED? 03:57.300 --> 04:05.166 align:start position:10% line:74% size:80% >> WE SHOULD MENTION THE PLASTIC 03:59.666 --> 04:07.433 align:start position:10% line:74% size:70% BAG BAN IS ACKNOWLEDGED AS A 04:03.000 --> 04:09.200 align:start position:10% line:74% size:80% FAILURE BECAUSE THE PLASTIC BAGS 04:05.166 --> 04:11.600 align:start position:10% line:74% size:75% WERE REPLACED WITH A DIFFERENT 04:07.433 --> 04:14.100 align:start position:10% line:74% size:70% MATERIAL SIMILAR TO PLASTIC. 04:09.200 --> 04:15.533 align:start position:10% line:74% size:75% AND NOW THAT IS GOING TO BE -- 04:11.600 --> 04:19.033 align:start position:10% line:74% size:80% TO GO BACK TO PLASTIC AND PAPER. 04:14.100 --> 04:20.566 align:start position:10% line:74% size:77.5% IT'S IMPORTANT TO REMEMBER THAT 04:15.533 --> 04:23.500 align:start position:10% line:74% size:75% THE WAY THE CITIES BELEAGUERED 04:19.033 --> 04:25.266 align:start position:10% line:74% size:77.5% PENSION FORMS CAUSED BACK LOADS 04:20.566 --> 04:27.300 align:start position:10% line:74% size:55% AND A LOT OF PAYMENTS. 04:23.500 --> 04:29.233 align:start position:10% line:74% size:75% THERE WILL HAVE TO BE A LOT OF 04:25.266 --> 04:31.833 align:start position:10% line:74% size:75% MONEY ACCOUNTED FOR YEARS DOWN 04:27.300 --> 04:33.366 align:start position:10% line:74% size:22.5% THE LINE. 04:29.233 --> 04:35.700 align:start position:10% line:74% size:75% THE LONG-TERM OUTLOOK IS MURKY 04:31.833 --> 04:37.733 align:start position:10% line:74% size:62.5% BUT IN THE SHORT-TERM THE 04:33.366 --> 04:38.066 align:start position:10% line:74% size:67.5% PICTURE INDEED IS IMPROVED. 04:35.700 --> 04:40.000 align:start position:10% line:74% size:75% >> THIS BUDGET IS A REASONABLE 04:37.733 --> 04:42.900 align:start position:10% line:74% size:17.5% BUDGET. 04:38.066 --> 04:44.233 align:start position:10% line:74% size:80% IT IS A GOOD NEWS BUDGET FOR THE 04:40.000 --> 04:45.466 align:start position:10% line:74% size:77.5% COMPANIES OF CHICAGO IN THAT IT 04:42.900 --> 04:48.333 align:start position:10% line:74% size:72.5% DOESN'T INCREASE GENERAL TTZS 04:44.233 --> 04:52.066 align:start position:10% line:74% size:47.5% MORE THAN THEY ARE. 04:45.466 --> 04:54.933 align:start position:10% line:74% size:80% HOWEVER, THE CITY IS STILL HAS A 04:48.333 --> 04:57.700 align:start position:10% line:74% size:75% ROPG WAY TO GO BEFORE IT IS AT 04:52.066 --> 05:01.233 align:start position:10% line:74% size:75% THE LEVEL IN WHICH THE BORROWS 04:54.933 --> 05:01.900 align:start position:10% line:74% size:45% COSTS WON REDUCED. 04:57.700 --> 05:03.833 align:start position:10% line:74% size:67.5% >> S&P HAS PUT CHICAGO IN A 05:01.233 --> 05:05.866 align:start position:10% line:74% size:42.5% POSITIVE OUTLOOK. 05:01.900 --> 05:08.100 align:start position:10% line:74% size:77.5% THAT DOES NOT MEAN IT'S GETTING 05:03.833 --> 05:11.900 align:start position:10% line:74% size:80% OUT OF JUNK STATUS BUT IT IS THE 05:05.866 --> 05:12.900 align:start position:10% line:74% size:67.5% FIRST TIME IN MOVING IN THE 05:08.100 --> 05:14.600 align:start position:10% line:74% size:37.5% RIGHT DRINKION. 05:11.900 --> 05:16.600 align:start position:10% line:74% size:77.5% >> MONDAY, EACH DEPARTMENT WILL