Mayor Emanuel Announces $635.7 Million Budget Hole

Chicago Mayor Rahm Emanuel announced Friday the city was holding its first Annual Financial Analysis, as well as launching a website for Chicago residents that will explain and highlight the city's 2012 budget process.

The Annual Financial Analysis will be held every year to emphasize the city's current financial situation and that over the past decade, including the gap between revenue and spending. It will also assess the future of the budget for the next two years. The website, which was also launched Friday, will be completely interactive and focus on engaging Chicago's residents. ChicagoBudget.org will allow Chicagoans to submit their ideas, comments, and concerns to the website and also explain the budget process and current budget problems.

The mayor said of the website and the financial analysis, "I have committed to making the tough choices needed to put our fiscal house in order and protect Chicago's taxpayers. As we move forward in this budget process, my administration is open to ideas from across the city on how to tackle the challenges we face."

The mayor also spoke about the city's current budget hole. NBC Chicago News reported that Emanuel also focused on the fact that city is dealing with a budget hole of an estimated $635.7 million.

Mayor Emanuel spoke about the problems with the budget and the work lying ahead for the city to close the budget hold. The mayor said, "We have a structural problem. The moment of truth has arrived. I won't nickel and dime taxpayers. I can't ask people to pay and put more money into a system that needs restructuring. The capital I won't spend is taxpayer's dollars. This system needs reform, it has called out for it. Competition will now be the operative theory of public government, competition when it comes to recycling in neighborhoods will be how we govern, how taxpayers will get best service for tax dollars."

The Chicago Tribune reported Emanuel also emphasized where he is not going to be seeking more revenue from to close the budget hole. These sources include raising taxes, using revenue from the Chicago Skyway, upping parking meter leases, or cutting back on the Chicago Police Department's officers. Instead, the mayor is planning on focusing on numerous small-scale tactics instead of making large, sweeping cuts to work towards fixing the budget hole.

The mayor will present his budget proposal in October, which will include a list of proposed cuts in order to address the major deficit problem.

Rachel Bogart provides an in-depth look at current environmental issues and local Chicago news stories. As a college student from the Chicago suburbs pursuing two science degrees, she applies her knowledge and passion to both topics to garner further public awareness.