A long-time dispute over Chicago police pay raises is finally coming to a head. An arbitrator issued a new police union contract Friday.

The independent arbitrator’s contract would give Chicago cops a 10 percent pay hike by 2012.

That’s less than half of what the police union had been asking for. At a press conference Friday, Chicago Mayor Richard Daley says he offered to give them a 16 percent raise, but he says union leaders rejected that offer without telling their rank-and-file.

DALEY: So don’t blame me. You know, I ask all the police officials, all their families, don’t blame me…

Here, Daley even turned to his police security detail.

DALEY: It was not me, it was your union officials that decided that. Because like anything else, I have to be the whipping boy on a lot of issues.

Daley says the city has been saving to pay for the raises, though it will have to borrow to cover the $375 million cost. The City Council still must ratify the contract before it takes effect.