City Revenues Down

By Marcus Gilmer in News on Jan 2, 2009 6:00PM

In spite of the city's effort to tax the ever-loving shit out of anything and everything, a bad fourth quarter of 2008 means the city's revenues were off by over $30 million for the year. According to Chief Financial Officer Paul Volpe, Daley's new chief-of-staff, "We're some $31 million below what we actually thought." One precipitous drop came from real-estate transfer tax collections; instead of the $30 million the city expected to collect in the last quarter of 2008, it received only $20.5 million. And despite the seeming lack of side-street plowing, Volpe says the large amount of snow so far this winter required the city to spend $4.3 million more on plowing than had been planned.