Chicago Mayor Richard Daley says $50 million will be returned to the city’s parking meter reserves. At the end of last year the city borrowed $190 million from the fund to help close what was originally projected to be a $520 million shortfall.

Daley says better-than-expected tax revenues and cost cutting measures like furloughs and hiring freezes helped him return some of that borrowed money.

But Daley says it’s likely the next mayor, Rahm Emanuel, will still have to make tough budget cuts.

“There’s always tough choices being mayor. There’s always tough choices. In the best of times, there’s tough choices and in the most difficult times. You have to make decisions,” he said.

The city had predicted it would have to borrow $120 million from the parking meter reserves at the end of 2011. Daley now believes that amount will be smaller. He says the city has already realized about $45 million in savings compared to the 2011 budget.