The city leased our parking meters for $1.15 billion, about half of what then-Inspector General David Hoffman said we could have gotten for the deal. And now, as those funds have dwindled and the city faces a bigger debt, the company running the meters is posting grand profits, according to a report today from the Chicago News Cooperative: "The financial documents raise new questions about whether the city negotiated the best deal it could for leasing away one of its most lucrative assets." Uh, yeah, ya think? The CNC report continues: more ›

Remember the infamous Parking Meter deal? The one that then Inspector General David Hoffman said was only worth about half of what the city could have gotten in the deal? Well, it's almost gone and the city is staring at an ever-growing budget hole that seems to keep growing. According to a report in the Sun-Times this morning, the budget gap approaches $700 million when CPD and CFD contracts are added in. And as for the $1.15 billion parking meter deal? The Sun-Times reports there's only $180 million left after less than two years have passed on the 75-year lease. And then there are the Skyway reserves, a $1.83 billion deal of which there is only $550 million remaining after less than five years of that 99-year deal. Our pals at The Expired Meter have more perspective on exactly what has gone wrong with the parking meter money. So where will the money come from now that the City has instituted furlough days and Mayor Daley has said he won't raise property taxes? For starters: more ›

So as we stare down higher property tax bills and a potential transit fare hike, here's more good news: the parking meter rates are going up, too. As The Parking Ticket Geek points out, when the City Council passed that controversial parking meter lease that Mayor Daley engineered, it also included a yearly increase in rates. These annual rate increases will continue through 2013. $1/hour rates will go up to $1.50, $2/hr up to $2.50, and $3.50/hr up to $4.25. The increases hit January 1, 2010. more ›

Mayor Daley's budget for 2010 has been presented and, as expected, there were no new taxes but lots of cuts. There will also be much taken from the parking meter lease fund. In fact, by this time next year, don't expect much to be left from the $1.15 billion/75-year deal, the deal we may have gotten hosed on. Having already spent $400 million of that money this year, according to the Tribune, Daley is looking to spend an additional $600 million of that money in 2010. We're no math geniuses and even we know that doesn't leave a whole heck of a lot left in the pot for the remaining 70+ years of the lease, something that concerned Ald. Scott Waguespack (32nd) earlier this week. All told, Daley claims that there will still be around $700 million left in reserve funds - the combination of the Skyway and parking meter leases - next year. A cut in the city's tourism budget also raised eyebrows. And besides the cuts to entertainment and furlough days for non-union employees and elimination of vacant jobs, there are smaller cuts, too, such as the scaling back of the city's recycling program. more ›

(c) Reports and records of the obligation, receipt and use of public funds of the State, units of local government and school districts are public records available for inspection by the public according to law. more ›