Chicago Mayor Emanuel says he will move forward with his pledge to city council members to set up an independent budget office, but each alderman in return will have to accept a $6,000 cut in individual funds for hourly or contractual employees.

The “City Council Office of Financial Analysis" would see $485,000 in funding a year, with $130,000 going to the office's director.

The mayor is proposing to reduce each alderman's $26,000-a-year pot of money for employees to $20,000, which would be tacked on to the council members' $73,280-a-year expense allotment for transportation and other matters involving their ward offices. Aldermen would be able to decide on their own how to use the funds and if they want to take on any hourly employees.

“You had to find the money somewhere. We don’t want to be in a position where we’re expanding the budget of the City Council,” Ald. Pat O’Connor (40th) told the Chicago Sun-Times Thursday. “There’s a number of aldermen who felt they wanted an entity that was a second look at budget proposals so they could double-check facts and figures. There’s a pretty large number of aldermen who don’t think that’s absolutely necessary. But enough did [want it] that the mayor’s budget people listened to it.”

Ald. Ameya Pawar (47th) spearheaded the idea of the new office, originally calling for the office to have an annual budget of $250,000, less than what the mayor has now offered.

“We’re making sure the city council has the tools needed to evaluate public-private partnerships and other major legislation. This comes down to looking at not only the pension system, but also what potential revenue sources and expense reductions there are,” Pawar told the newspaper. “This isn’t about personalities. This isn’t Council vs. Rahm Emanuel. This is an office that’s going to be here long after I’m gone and Rahm Emanuel is gone. It’s going to make the Council more effective so we do a good job the next time a public policy proposal comes before us.”