CHICAGO — Chicago heads into next year's budget season with $369 million of red ink to erase, a figure down by half from what Mayor Rahm Emanuel and his finance team faced as they crafted their inaugural budget last year.

The city released its preliminary budget figures on Tuesday, heralding the traditional start to the budget process. The announcement has long been marked by warnings of deficits. The $369 million marks the lowest gap since 2009. Emanuel will submit his proposed spending plan for the next year to the City Council in October. It is traditionally adopted in November for the budget cycle that begins Jan. 1.

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.