Chicago Mayor Rahm Emanuel's proposed $6.5 billion corporate fund budget for 2013 won the endorsement of a local government fiscal watchdog group for its structural improvements, but the group also warned of the urgent need for pension reforms.

The Civic Federation of Chicago in its review released last week praised the proposed budget for holding the line on property taxes and other taxes and fees and reducing the use of non-recurring revenues to eliminate a $300 million deficit.

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