The Emanuel administration estimates that the city of Chicago needs a minimum of $754 million in more revenue and spending reductions to plug next fiscal year's budget hole.

Of that $754 million, $328 million represents the city's increased police and fire pension contributions, which could grow larger in the coming budget year if Chicago pension reforms are not approved in Springfield.

Minus the $328 million in police and fire pension costs, the administration preliminarily pegs the 2016 budget gap at $426 million.

Chicago Mayor Rahm Emanuel is expected to unveil his 2016 budget proposal in September. His administration is also planning to hold public town hall meetings on the city's budget situation.