Evanston, an affluent suburb just north of Chicago, is considering raising property taxes up to 5% in an effort to cover a $140 million pension fund shortfall.

As officials began debating the 2009 budget this week, the city’s finance director reportedly advocated raising property taxes nearly 5%, taking $5 million out of the general fund, and cutting spending while avoiding layoffs to balance the budget.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.