Friday, March 14, 2008

Daley calls for $20 million in budget cuts

From Crain's...
The city of Chicago hopes to save $20 million this year through a series of cost-cutting measures that include a hiring freeze, elimination of overtime and an end to certain out-of-town trips.

Mayor Richard M. Daley announced the new initiatives, to be carried out throughout this year, on Thursday.

They are in addition to previously announced moves to save $67 million, including delaying non-union raises by six months, eliminating 80 vacant jobs and closing certain business tax loopholes.

“Even with our responsible projections for the 2008 budget, because the nation’s economy is bordering on a recession and because of the deepening housing foreclosure crisis, we’re on softer ground economically and in terms of our revenues this year,” the mayor said in a statement. “In addition, the harsh winter weather has forced greater spending.”

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