TW: Was perusing the Chi Trib this morning (a process that takes about 3 minutes usually due to the shrinking content of that paper), but ran across an article on the Chicago City budget. SHOCKINGLY, a rainy day has arrived already and that parking meter fund set aside for posterity is already in line to be tapped. Yep it took all of one month for the City to start in on the fund. We posted on the topic last month when the plan to capitalize 75 years of revenue was announced.
http://treylaura.blogspot.com/2008/12/these-privatization-programs-are-insane.html
From the Chi Trib:
"Just weeks after Mayor Richard Daley said the city's new budget wasn't overly optimistic, his chief financial officer announced Friday that revenue fell short by $31 million in recent months amid a worsening economy.If the downward trend continues, City Hall will have to find more ways to cut costs or boost revenue, said Paul Volpe, whom Daley has tapped to be his new chief of staff...Volpe also said the city could tap a $324 million rainy-day fund to be created when Chicago closes on the 75-year lease of its parking meters for nearly $1.2 billion"
http://www.chicagotribune.com/news/local/chi-daley-city-budget-03jan03,0,4749873.story
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