CHICAGO — Chicago and Cook County, collectively facing nearly $1 billion of red ink in their next budgets, could save up to $140 million in coming years by consolidating their purchasing power and some services and collaborating on their capital programs, according to a report released Monday.

The report was commissioned in March by the freshman leaders of both governments — Mayor Rahm Emanuel, who took office last month, and County Board President Toni Preckwinkle, who took office late last year — as both administrations grapple with rising operating costs that are outpacing revenue growth.

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