Chicago officials late last week said they are still talking with union leaders in hopes of avoiding more than 1,500 layoffs but no agreement has yet been reached.

“Unfortunately, time is running short for the city and our union partners to come to an agreement on a series of cost-reduction measures in order to avoid layoffs,” chief financial officer Gene Saffold said at a news conference. “Each day we are without an agreement with the unions, we move closer to being forced to take a step we don’t want to take.”

As required under its collective bargaining agreements, the city began distributing layoff notices several weeks ago. The layoffs, which would save the city $34 million this year and $76 million in future years, would take effect July 15.

Chicago is seeking pay and work concessions to help cope with dwindling revenue. It faces a $113 million shortfall that officials have warned could reach $300 million by the end of the year.

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