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Sunday, December 10

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The Mechanics
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Chicago Wed Oct 21 2009

Mayor Daley's Budget: One Fine Piece of Assets

Mayor Daley will be dipping into the city's reserves, specifically the $1bn+ fund created by the leasing of the city's parking meters to a private operator, to cover the enormous budget deficit of half a billion dollars that the city projects for next year.

The Mayor is holding to his pledge not to raise taxes and fees, saying that it isn't the time to ask families to pay more.

From Dan Mihalopolous and Hal Dardick, here's what some aldermen had to say:

"I think this is what reserve are made for," said Ald. Howard Brookins Jr., 21st. "Clearly, it's raining. While we don't know when this economic recovery will come, it's not going to be for a couple of years."

But Ald. Manuel Flores, 1st, said he was "very concerned" about dipping into the reserve fund. "That was intended for us to generate additional revenue through interest," Flores said. "You are selling off that asset. You are throwing that asset away."

"If the parking meter money is depleted within five years, then what happens for the next 70 years of that contract?" asked Ald. Scott Waguespack, 32nd, one of five aldermen who voted against the meter lease.

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Parents Still Steaming, but About More Than Just Boilers

By Phil Huckelberry / 2 Comments

It's now been 11 days since the carbon monoxide leak which sent over 80 Prussing Elementary School students and staff to the hospital. While officials from Chicago Public Schools have partially answered some questions, and CPS CEO Forrest Claypool has informed that he will be visiting the school to field more questions on Nov. 16, many parents remain irate at the CPS response to date. More...


Substance, Not Style, the Source of Rahm's Woes

By Ramsin Canon / 2 Comments

It's not surprising that some of Mayor Emanuel's sympathizers and supporters are confusing people's substantive disputes with the mayor as the effect of poor marketing on his part. It's exactly this insular worldview that has gotten the mayor in hot... More...

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