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  1. #1 Move over Detroit, Here comes Rahm 
    PORCUS MAXIMUS Rockntractor's Avatar
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    City of Chicago’s cash cushion plummets, debt triples, arrests drop, water use rises

    BY FRAN SPIELMAN City Hall Reporter/fspielman@suntimes.com July 26, 2013 9:10PM


    Updated: July 28, 2013 8:52PM


    Mayor Rahm Emanuel closed the books on 2012 with $33.4 million in unallocated cash on hand — down from $167 million the year before — while adding to the mountain of debt piled on Chicago taxpayers, year-end audits show.

    Last week, Moody’s Investors ordered an unprecedented triple-drop in the city’s bond rating, citing Chicago’s “very large and growing” pension liabilities, “significant” debt service payments, “unrelenting public safety demands” and historic reluctance to raise local taxes that has continued under Emanuel.

    The 2012 city audits explain why. They show that an unallocated balance that was $167 million a year ago because of Emanuel’s aggressive cost-cutting efforts has dropped to $33.4 million.

    Budget Director Alex Holt blamed the $133.6 million drop on “honest” budgeting and ending the long-standing practice of carrying “ghost” vacancies.

    “We’re trying to be more transparent about what we’re really spending and taking in — not just carrying a bunch of people who took up money in the budget and left money on the table at the end of the year,” Holt said.
    Read More>http://www.suntimes.com/21552920-761...use-rises.html
    How is obama working out for you?
    http://i686.photobucket.com/albums/vv230/upyourstruly/5d569df9-186a-477b-a665-3ea8a8b9b655_zpse9003e54.jpg
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  2. #2  
    Sin City Moderator RobJohnson's Avatar
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    If he really did cut costs, then maybe there is hope for Chicago.

    They still have a long way to go!
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