Chicago Mayor Pillages Reserves And Staves Off Cuts, In Last Year In Office

chicago daleyMayor Richard Daley

Photo: ap

The good news is there are only 277 layoffs and three weeks of furloughs for city workers in Chicago.The bad news is how Mayor Richard Daley achieved this relatively gentle austerity package.

Daley will take $273 million from the proceeds of a long-term lease of the city’s parking meters and a bridge, reports Chicago Tribune. Reserves from these leases — this year and last year — have fallen from $3 billion to $600 million in a few short years.

That’s just the start. Daley will also cancel a $38-million budget increase to districts; save $142 million by refinancing debt; and magically increase city revenue estimates by $91 million.

All of this leaves a terrible mess for Daley’s successor. Sorry, Rahm.

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