(Chicago, IL) – February 20, 2012. Mayor Rahm Emanuel today announced the release of the first-ever City of Chicago quarterly budget report, noting that city tax collection is running about $50 million higher than originally estimated.
“For the first time ever, the City is providing the public with regular progress reports on where the City stands financially to ensure a more open and honest budgeting process,” said Emanuel.
Each quarterly report will detail progress made during that quarter on the major initiatives introduced as a part of the 2012 budget.
According to today’s report, the extra $50 million is due to increases in hotel, sales and commercial real estate taxes, among others.
The quarterly report will be available online at www.cityofchicago.org.