CHICAGO – Mayor Rahm Emanuel today said that the City of Chicago has reduced the projected 2013 corporate fund gap by $71 million due to better spending controls, reforms, and higher revenue results due to economic growth. The 2013 budget gap was projected to be $369 million but that has now been reduced to $298 million due to these advances. This is Chicago’s smallest projected gap since the 2008 economic recession.
“Our enhanced cost controls and efficiencies have helped us to significantly narrow our anticipated budget gap," said Mayor Emanuel. "While this affirms our reforms are cutting our deficit and bringing positive results for taxpayers, we continue to face difficult challenges. I look forward to having conversations with the people of Chicago and members of the City Council in the coming weeks about new solutions to balance the remaining gap and ensure future generations of Chicagoans have a brighter, more secure future.”
Since taking office, the Emanuel administration has taken an aggressive approach to fiscal management, including tighter spending controls. This has resulted in substantial savings for taxpayers over the past year, and those are expected to continue through 2013. The revised deficit number includes $26 million in additional savings for 2012 and 2013 from the following areas:
In addition, Chicago’s economy continued to grow throughout the summer with both property sales and hotel stays exceeding earlier projections. The City projects $45 million in additional revenue for the remainder of 2012 and 2013 due to increases in collections of the real property transfer, hotel, sales and electricity taxes.
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