Monday, December 2, 2013

Ald. Osterman On The City Budget

Harry Osterman, 48th Ward:

"On Tuesday, the City Council voted on Mayor Emanuel's proposed 2014 budget. I voted to support and pass the budget which did not include any property tax increases or new fines.

The budget closed its original gap by cutting redundancies in government spending and identifying new reasonable revenue generators. The budget also re-allocated a surplus of TIF funding back to the original taxing bodies. TIFs located in the 48th Ward will contribute just under $1 million dollars of surplus. City-wide, approximately $25 million will return to CPS.

In light of this year's budget, the city of Chicago still faces a pension crisis and financial uncertainties. I believe it is critical to explore solutions that will continue to put our City back on sound financial ground."

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