Emanuel to end scoop-and-toss borrowing one year early
Posted October 18, 2017 11:00 pm
Chicago will end the costly practice of scoop-and-toss borrowing in 2018 - one year earlier than promised - under a mayoral budget that pleased a taxpayers watchdog group, but not quite as much as Mayor Rahm Emanuel would hope.
Scoop-and-toss is the dubious practice of refinancing existing debt in a way that saddles future generations of taxpayers with borrowing costs instead of paying off the principal.
Emanuel had promised to end the practice in 2019. Instead, it will end next year.
Civic Federation President Laurence Msall said he would be more impressed if Emanuel ended scoop-and-toss at the Chicago Public Schools and stopped several other financial practices at City Hall that are equally troubling.
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