Chicago Mayor Rahm Emanuel unveiled a $7 billion 2014 budget Wednesday that relies on natural tax growth, spending cuts, savings from management initiatives, a cigarette tax hike, and increases in other fines and fees to fund new investments and erase $339 million of red ink.

Emanuel promoted the absence of a gasoline, sales, or property tax hike in the budget for a third consecutive year and advances in structurally balancing the spending plan as he addressed the City Council. Hearings will follow in the coming weeks before a vote next month.

Full story to follow.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.