Chicago Mayor Rahm Emanuel said city departments have exceeded the $75 million budgetary savings goal he set for 2011 after taking office in May.
Emanuel said departments have cut costs by $83 million. The savings were achieved by renegotiating business contracts, reducing staff expenses, merging government functions, freezing nonessential contracts and other actions.
"We have not only followed through on a promise, we have exceeded it," the mayor said in a statement.
In other news, the Illinois International Port District board last week elected as chairman Michael Forde, a Mayer Brown LLP partner and Emanuel's pick for the post.
Forde is charged with implementing transparency, accountability, and financial management reforms and developing a long-term strategic plan.
"I look forward to receiving recommendations from him on how we can better utilize port resources to increase economic opportunity," Emanuel said in a statement.
The port agency will now post its annual financial reports to the city, Cook County and the state online, along with employee and board member information.
It also will create and release a new annual report summarizing its activities, operations and results; post board meeting minutes online when adopted; and post the schedule for board meetings for the entire year ahead online.
The authority also will now move to develop a long-term plan to increase economic activity, create job opportunities and enhance capital investment.
The port is governed by a nine-member board. The mayor of Chicago appoints five members and the governor appoints four.