CHICAGO - Chicago faces a $420 million gap in its next budget - reflecting a combination of sagging revenues and rising costs - and "everything's on the table" except a property tax increase to close the hole including layoffs, cuts, and dipping into the city's $500 million cash reserve, said chief financial officer Paul Volpe.

City finance officials put off their traditional July release of preliminary budget numbers for the next year in anticipation of the latest revenue numbers. Volpe presented a grim picture of both revenues and costs yesterday.

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