Chicago is facing a record budget shortfall -- approaching $700 million when the cost of police and fire contracts are factored in -- setting the stage for another raid on reserves generated by the parking meter and Chicago Skyway leases.For more on the decline of Chicago, and the person most responsible for Chicago financial disaster.
As of Dec. 31, the city had just $180 million left from the $1.15 billion parking meter windfall that was supposed to last for 75 years. There was $550 million remaining from the $1.83 billion deal that privatized the Skyway for 99 years.
Wednesday, July 21, 2010
Reserves dwindling as Chicago faces $700M budget gap
The Chicago Sun-Times reports: