Chicago Mayor Richard Daley says cost cutting and better-than-expected city revenues last year will allow the city to enrich its depleted rainy day fund by $50 million.
CHICAGO (AP) — Chicago Mayor Richard Daley says cost cutting and better-than-expected city revenues last year will allow the city to enrich its depleted rainy day fund by $50 million.
Daley used $190 million in reserve cash from the lease of city parking meters to help balance last year’s budget.
Daley said it was always his intention to replenish the reserves as the economy recovers.
In addition to repaying the reserves, Daley says the city will carry over a $45 million year-end balance. However, he says the city’s financial future will remain challenging.
Daley noted that even with the current results, the city’s revenue remains at 2004 levels while its government has 2011-level expenses.
Copyright 2011 The Associated Press.
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