For weeks, Chicago aldermen have been mulling over Mayor Richard M. Daley’s final budget. The $6.2 billion plan doesn’t include additional taxes or fees. Instead the Mayor is tapping reserve funds and tax increment financing money in order to close a more than $600 million deficit.
But it’s the next Mayor that will deal with the full consequences of the financial decisions being made today. A number of Mayors, including Michael Bloomberg in New York and Dave Bing in Detroit are making headway with their budget difficulties. Do their strategies chart a course for Chicago and the next Mayor?
Mike Pagano, dean of the College of Urban Planning and Public Affairs at the University of Illinois at Chicago has done extensive research on municipal finances. He’s done extensive research municipal finances and explained what's ahead for the next mayor.