Council votes 44-6 to send the $75 million parking meter payment to pensions, leaving a new hole in Johnson's 2027 budget

The City Council voted 44 to 6 at a special meeting Monday to send the $75 million that Stonepeak Partners paid for the parking meter deal to the City's four pension funds this year, on top of what the City already owes them. Mayor Brandon Johnson's proposed 2027 budget had counted the money toward next year's planned advance pension payment, so the vote leaves a $75 million gap to fill, WTTW and the Chicago Sun-Times reported.

Why it matters: the Council now has to find $75 million in cuts, taxes or borrowing that it didn't need to find last week. The Sun-Times reported the gap could reach $176 million if the Council rejects the Mayor's head tax, and more if other revenue pieces fail. For pensions, the Finance Committee chair said paying now rather than next year saves the funds money over time.

What passed

O2026-0029681, sponsored by Ald. Pat Dowell (3rd), who chairs the Finance Committee, was introduced and passed the same day: our record shows the rules were suspended for immediate consideration, and a motion to reconsider by Ald. Greg Mitchell (7th) failed.

Under the ordinance:

• The $75 million goes out by Dec. 31: $25,125,000 each to the police and fire funds and $12,375,000 each to the municipal employees' and laborers' funds.
• Future meter money, the City's 5% share of the company's yearly net income and 2% of any future sale price, goes to the funds too, with the two worst-funded getting the larger shares.
• None of it can count toward the City's required contributions or the advance payments in the City's pension policy. That's the clause that conflicts with the Mayor's budget.

The 44 votes are more than the two-thirds needed to override a veto, the Sun-Times noted.

What was said

Our video chapters and notes cover the full debate. Speakers are identified from the recording, so check the video at each link.

• Dowell said the funds would gain, "conservatively," $213 million over time (watch), and that she was ready to work on any proposal the Mayor brings to close the gap (watch).
• Ald. Bill Conway (34th) supported it but questioned the split, which goes by funded ratio rather than dollars owed, so the municipal fund gets less than police and fire (watch).
• Ald. David Moore (17th) asked whether the ordinance was combining two decisions, where the money goes and when it is paid (watch).
• Ald. Jason Ervin (28th), the Budget chair, said he doesn't oppose the pension payment, only its timing, and warned of cuts to homelessness services, libraries and violence prevention (watch, watch).
• Ald. Byron Sigcho-López (25th) said decisions were being made "by the few" outside the chamber, the Sun-Times reported (watch).
• Ald. Brendan Reilly (42nd) answered Ervin and recalled the 2008 meter deal (watch).

Ervin and Sigcho-López voted no, the Sun-Times reported; the other four no votes will show in the roll call above once the Clerk's record posts it. Our records don't have the full roll call yet.

What our records add

The sale itself passed 46 to 3 on Sept. 29 (SO2026-0025407). That ordinance reserved the Stonepeak money for pensions "as further specified by the City Council," the opening Monday's ordinance used. Sigcho-López and Ervin voted no then as well, along with Ald. William Hall (6th), WBEZ reported. One speaker Monday put that earlier vote at 43 to 3; the Clerk's record shows 46 to 3.

Earlier coverage: why the meeting was called and how the text changed before the vote.

What's next

• Johnson's office said the payment puts youth jobs, homelessness services, libraries and violence prevention at risk, and that it would keep fighting for them, the Sun-Times reported.
• Wed., Nov. 4: budget hearings resume; the schedule.
• Dec. 31: deadline for both the pension payments and a balanced 2027 budget.

Sources: Fox 32 Chicago: City Council votes to use $75 million parking meter payment for pension debt.