CHICAGO — After years of perceived mismanagement and allegations of corruption, a new administration has taken over the helm of Cook County, Ill. with fiscal responsibility as its mantra.

The administration, led by President Toni Preckwinkle, is expected to soon propose a $3 billion fiscal 2011 budget that addresses a record $487 million deficit. The nation’s second largest county will hire a new chief financial officer and a new deputy CFO. The new team expects to meet with rating ­agencies.

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