Chicago taxpayers are on the hook for about $1.4 million associated with a loan the city took out, and has since paid back, for a police and fire pension payment.
Before the Illinois General Assembly overrode Gov. Bruce Rauner's veto of Chicago police and fire pension legislation last month, the city took out a $220 million loan in order to have funds ready for a large pension payment due this year. The city took out the loan at a time when it was unclear if and when the Illinois General Assembly would send the legislation to Rauner's desk.
The legislation sought to give the city more time to make its pension payments. It looked to cut the city's pension costs this year by roughly $220 million.
State lawmakers eventually sent the bill to the governor, who vetoed it.
The city paid back the loan after the legislature overrode Rauner's veto last month.
The short-term borrowing cost the city $1.38 million in additional costs, according to city officials.