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Daley: City’s Financial Health Improving

Mayor Richard M. Daley (left), Chief Financial Offficer Gene Saffold (center) and Budget Director Gene Munin (right) discuss improving revenues. (Credit: Craig Dellimore/WBBM)

Mayor Richard M. Daley (left), Chief Financial Offficer Gene Saffold (center) and Budget Director Gene Munin (right) discuss improving revenues. (Credit: Craig Dellimore/WBBM)

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CHICAGO (WBBM/CBS) – Mayor Richard M. Daley said Thursday that the prognosis for the city’s financial health is looking better than expected.

As WBBM Newsradio 780 Political Editor Craig Dellimore reports, the bottom line is that the bottom line looks significantly better for the City of Chicago.

LISTEN: Newsradio 780 Political Editor Craig Dellimore reports

Daley said that hotel, lease and amusement tax revenues are up slightly compared to last year.

The state’s tax amnesty program brought about $22 million in unexpected revenue to the city. Daley said that’s good news for the city’s “rainy day funds.”

The mayor also said that, thanks to improved revenues and cost-cutting at City Hall, the administration will put $50 million dollars back into the long-term reserve fund from the lease of the city’s parking meters and carry a larger year-end balance in that fund than expected.

Daley stressed that Chicago’s financial picture still isn’t rosy, though. It’s just not as bad as it used to be.