City Hall Sits on $1.4 billion, Threatens More Layoffs
By Kevin Robinson in News on Jun 9, 2009 2:00PM
While the city sits on a literal slush fund of $1.4 billion in TIF funds ($3.4 million of which they gave to London-based Willis Group Holdings Ltd to spruce up their new Sears Tower offices), City Hall is threatening layoffs if unionized city workers don't accept more cutbacks and unpaid furlough days. The city is facing a budget shortfall in the hundreds of millions of dollars this year.
Chicago's Chief Financial Officer Gene Saffold told reporters in a press conference yesterday afternoon that "the reality is we won't be able to address this shortfall without reducing personnel costs." Saffold wouldn't say when layoff notices would start going out, or which departments might be affected. "We will continue to talk to the unions so we can do everything we can to avoid layoffs," he said.