Results tagged “reservefunds”

Mayor Daley's budget for 2010 has been presented and, as expected, there were no new taxes but lots of cuts. There will also be much taken from the parking meter lease fund. In fact, by this time next year, don't expect much to be left from the $1.15 billion/75-year deal, the deal we may have gotten hosed on. Having already spent $400 million of that money this year, according to the Tribune, Daley is looking to spend an additional $600 million of that money in 2010. We're no math geniuses and even we know that doesn't leave a whole heck of a lot left in the pot for the remaining 70+ years of the lease, something that concerned Ald. Scott Waguespack (32nd) earlier this week. All told, Daley claims that there will still be around $700 million left in reserve funds - the combination of the Skyway and parking meter leases - next year. A cut in the city's tourism budget also raised eyebrows. And besides the cuts to entertainment and furlough days for non-union employees and elimination of vacant jobs, there are smaller cuts, too, such as the scaling back of the city's recycling program.

Mayor Daley responded yesterday to the CTA's proposed 2010 budget, calling the potential fare hikes and cuts in service, “very, very ugly" while also trying to reinforce that nothing has been approved, adding, "This is only proposed. And like anything else, that's the last resort. No one wants to see fare increases or service cuts. But they are in a very difficult position." The proposed budget includes the cutting of several express bus routes, trimming back time-tables for bus and rail service, and, most famously (or infamously), raising rail and express bus route fares by 75-cents to $3 per ride.