Chicago Faces $635M Deficit, Emanuel Launches Budget Idea Website
Updated: Friday, 29 Jul 2011, 9:30 PM CDT
Published : Friday, 29 Jul 2011, 12:41 PM CDT
FOX Chicago News
Chicago - Mayor Rahm Emanuel released the City of Chicago’s first Annual Financial Analysis Friday, which showed the city is facing a budget deficit of $635 million in 2012.
The preliminary estimate of $635 million in 2012 notes possible increases in 2013 and 2014. The numbers come as the mayor is attempting to negotiate concessions with unions amid threats to lay off of more than 600 city workers.
“I have committed to making the tough choices needed to put our fiscal house in order and protect Chicago’s taxpayers,” Emanuel said in a press release. “As we move forward in this budget process, my administration is open to ideas from across the city on how to tackle the challenges we face.”
The mayor promised to reorganize the city’s finances without increasing taxes or dipping into the city’s rainy day funds.
Emanuel did not bring up any new threats of layoffs, but he did reiterate his desire to work with unions to reform work rules to avoid cutting jobs.
Emanuel also announced the launch of www.ChicagoBudget.org , a website that allows city residents to engage in the budget process by submitting ideas and asking questions.
Emanuel will present his 2012 budget proposal to the City Council in October.
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