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Public Affairs coverage from our award-winning staff |
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Some Chicago aldermen Worried About Daley's Plan to Tap into City Reserves
Produced by City Room on Wednesday, November 25, 2009
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Some Chicago aldermen continue to question the best way to close a $520 million budget gap. Alderman Manny Flores says city council members have still not fully discussed the mayor's plan to use reserves to help close the budget hole.
FLORES: If we're going to tap our long-term reserve fund, how are we going to replace that reserve fund, given that that reserve fund was intended to last 75 years? That has not been discussed.
Flores says aldermen need to be looking at the budget for the next few years before using reserves for 2010. Chicago Mayor Richard Daley proposes balancing the budget by using more than $300 million from privatized city assets. A government watchdog group - The Civic Federation - says the proposed budget isn't sustainable.
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Valerie F. Leonard, North Lawndale // Wednesday, November 25, 2009 @ 12:12 PM
I agree with Alderman Flores.
I was very disturbed to learn that the City intends to use all but about $750 million of its $3 billion rainy day fund on current expenses. This includes the proposed use of $1.4 million to be used for programs to assist the homeless. The City would also use proceeds from the sale of the parking meters to provide tax relief to homeowners. One of the aldermen is quoted in one of the newspapers as characterizing the current budget proposal as mortgaging the City’s future. A more accurate description would be “fire sale”.
I agree that the City should do something to assist the homeless. I also agree that the City should do something to provide tax relief to homeowners. In fact, it’s a shame that the lowest income communities in the City have to bear the largest brunt of the City’s property tax increase—for at least the second consecutive year. However, I don't agree that using proceeds from the sale of parking meters and other revenue generating assets is the way to finance these programs. There should be fundamental changes made to the City's taxing, financing and budget structure. This would necessarily require collaboration at the State, County and City levels.
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