Chicago has trimmed about $71 million from the projected $369 million gap looming in its 2013 budget that is to be unveiled next month.
Mayor Rahm Emanuel made the announcement over the weekend, attributing the reduction to tighter spending controls, reforms, and improving revenues. “Our enhanced cost controls and efficiencies have helped us to significantly narrow our anticipated budget gap,” Emanuel said.
“While this affirms our reforms are cutting our deficit and bringing positive results for taxpayers, we continue to face difficult challenges,” he added.
About $26 million in savings will come from health care changes, office supplies, and the city’s collaboration with Cook County.
Chicago officials also now project $45 million more revenue than previously projected for the remainder of this year and the next from the property transfer tax, hotel and sales taxes, and electricity taxes.