CHICAGO — Cook County, Ill. Board President Toni Preckwinkle Wednesday presented a $3 billion preliminary 2013 budget for the nation’s second-largest county that projects a $267.5 million shortfall tied to falling revenue collections.

Much of the expected shortfall comes from Cook’s massive hospital system, exacerbated by a decline in sales tax revenue. Sales tax revenue, which makes up the bulk of the county’s general fund coffers, is declining due to a gradual roll-back of a hugely unpopular 1% increase implemented by former board president Todd Stroger.

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