The city releases its 2015 budget forecast with a relatively manageable deficit, assuming the city gets pension reform. But what happens if it doesn't? For the last year, Mayor Emanuel has made the case that reform to police and fire pension systems would have to be accomplished this year, or else taxpayers would be slapped with an unaffordable $600 million bill. Now, the city has put out its preliminary budget numbers for 2015 -- and the forecasts show the city is getting its fiscal house in better shape. But where's that massive $600 million payment? Paris Schutz sat down with Chicago's Budget Director Alexandra Holt. Watch the full interview below.