Chicago Mayor Rahm Emanuel released the city’s second Annual Financial Forecast on Wednesday. Not only does the report predict a $369 million financial shortfall for the city’s operating “budget” in 2014, but it also predicts a shortfall of more than $1 billion by the year 2015.
In his press release regarding the city’s financial woes, Emanuel bragged, “By making the tough but necessary choices in 2012, we were able to cut our budget gap in half in one year without using one-time fixes… But this will not be done in one year and while a $369 million budget shortfall is a substantial gap, we are continuing to make the difficult but necessary choices as we right the city’s financial ship and stabilize its fiscal future.” Continue reading “Rahm’s Chicago: $1 Billion Financial Shortfall Forecast by 2015”

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