In his final budget briefing, Mayor Daley announced that he will use $38 million in surpluses from the city’s Tax Increment Financing districts to balance the budget. He also noted that spending will be limited almost exclusively to projects focused on neighborhood safety and economic recovery.
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Also in the news…
- Democratic candidate for lieutenant governor Sheila Simon believes an income tax increase may solve some of Illinois’ financial woes.
She says many of the voters she has spoken to wouldn’t be opposed to
the idea, especially if the funds were directed toward a specific
program such as education. Because Illinois’ constitution mandates a flat income tax, this proposed increase could disproportionately impact low-income residents.
- Alderman Brendan Reilly (42nd) wants the city to stop providing free water to area hospitals, churches, synagogues, universities and other nonprofit institutions. He believes that eliminating the $300-million-a-year expenditure would allow the city to avoid using long-term reserves in the upcoming budget.
–Compiled by Ryan Jacobs