By Gran Spielman
Chicago, IL (May 25, 2010)- Mayor Daley will hold the line on property taxes and declare a one-year moratorium on one of his pet projects- tree planting- to ease the worst budget crisis in Chicago history. Daley is scheduled to announce the belt-tightening during a luncheon speech today at the City Club of Chicago.
After his 2007 re-election, Daley pushed through a $83.4 million property tax increase, the largest in Chicago history. Property taxes have been frozen since then. The mayor’s 2010 budget was precariously balanced by draining revenues from the $1.15 billion deal to privatize Chicago parking meters. Since then the city has been forced to undertake $160 million in short-term borrowing to bankroll back pay raises for Chicago police officers authorized by an independent arbitrator.
The one-year moratorium on tree planting did not come easily to Daley. He is a self-proclaimed tree hugger who has ordered the installation of hundreds of median planters on Chicago streets.
Chicago Gateway Green