Chicago Raids Parking Meter Reserve Fund For New Budget

The Chicago Sun-Times reports:

A windfall from the sale of Chicago parking meters that was supposed to last for 75 years would be nearly exhausted in just one year to stave off tax increases and provide token property tax relief, thanks to a $6.1 billion 2010 budget approved today.

By a vote of 38 to 12, the City Council approved Mayor Daley's plan to drain reserves generated by city asset sales to solve Chicago's worst budget crisis in modern history.

Great moments in one party governance! Listen to the sound bite from the man running the show in Chicago, it's not Mayor Daley.