Reality Bites Into City's Budget Fix

City Hall blames global economic crisis for widening budget gap

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    NEWSLETTERS

    Sure, it's a great city, but it's expensive to keep it running.

    As costs keep rising in almost every area of the economy, efforts by the city of Chicago to address massive budget problems are falling behind the rising reality.

    The Daley Administration says, with the global economic crisis continuing, the City’s budget gap is growing by about $18 million a month.

    WBBM radio reported Friday that tax revenues are way down and the costs of snow removal this winter were higher.

    Chicago’s new Chief Financial Officer Gene Saffold says that a $33 million dollar budget gap a month ago has now turned into a $51 million dollar shortfall.

    One financial glimmer of hope came in recent numbers regarding real estate sales -- which are up a touch.