A new report by an independent research group outlines the financial crisis facing Chicago’s next mayor and City Council.
As WBBM Newsradio 780’s Regine Schlesinger reports, Civic Federation President Laurence Msall says the next administration will inherit a financial mess.
LISTEN: Newsradio 780’s Regine Schlesinger reports
“We have charted overspending by the City Council and the current administration,”
Msall said. “Going back well beyond the recession, the city has been spending more by borrowing, by selling assets, and using the proceeds to prop up the operating expenses. That’s not sustainable.”
Msall said after the Chicago Skyway and parking meter lease deals, there is little left to sell.
“This city’s track record in selling assets, or using long-term lease proceeds to prop up the operating budget, is not sustainable; is not something recommended in this report,” Msall said. “There are other opportunities for privatization.”
Msall says there is no magic bullet to deal with a shortfall estimated between $500 million and $650 million. The city will have to cut costs significantly, and raise revenues.