No Good News From Emanuel's Budget Projections

By Chuck Sudo in News on Jul 29, 2011 7:40PM

AP Photo.Brian Kersey

Mayor Emanuel said that quick fixes his predecessor relied on such as tapping into reserves from privatization deals will not be used to balance a 2012 budget deficit that right now is projected at $636 million. Can we switch budget deficits with Toni Preckwinkle?

Emanuel said that deficit could expand to as much as $790 million by 2014 if Chicago doesn't fundamentally change the way it does business. “I am not going to ask people who feel nickeled and dimed to pay more for a system that has not been restructured," the mayor said.

Emanuel also ruled out tax hikes to bridge the deficit gap for next year, but wouldn't rule it out in 2013 and beyond. As he's done since he was sworn in as Mayor in May, Emanuel didn't mention Richard M. Daley by name, but did stress that the days of tapping into cash reserves and "rainy day funds" in lieu of making hard choices is over.

Union leaders used Emanuel's budget projections to remind him that they just gave him some recommendations on reducing the budget deficit a couple of days ago. The mayor also announced the launch of a new interactive websitethat allows for residents across the city to offer suggestions for the budgeting process.