CHICAGO — Drawing deeply from the public finance industry well, Chicago Mayor-elect Rahm Emanuel on Wednesday announced a finance team led by advisory professional Lois Scott and supported by a project finance lawyer and public sector banker, both with previous government experience.

The team will inherit a balance sheet that carries a deficit in the range of $500 million going into the next budget cycle and a structural deficit of up to $1 billion when a looming $500 million state-mandated increase in pension fund payments is counted.

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