On Friday, Mayor Rahm Emanuel revealed a preliminary projected budget gap of $635.7 million for the City’s 2012 budget. The Mayor also announced the launch of an interactive website about the 2012 budget process so that Chicagoans can share their input, and released the City’s first-ever Annual Financial Analysis.
“I have committed to making the tough choices needed to put our fiscal house in order and protect Chicago’s taxpayers,” said Mayor Emanuel. “As we move forward in this budget process, my administration is open to ideas from across the city on how to tackle the challenges we face.”
According to the Annual Financial Analysis, the City has faced disparity between revenues and expenditures for a decade. Although the preliminary 2012 estimates suggest a $635.7 million budget gap, they also predict that, without significant reform, the gap will increase in 2013 and 2014. Mayor Emanuel initiated the Annual Financial Analysis through an Executive Order to create a long-term budget and planning process.
Chicagoans can discuss potential solutions and even submit their own at the new Chicago Budget site. To engage with the community further, the administration will hold several town hall meetings.
In October, Mayor Emanuel will present his 2012 budget proposal to the City Council.
To find out more about the City Budget, click here.