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.

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