Daley proposes 2010 budget that dips into reserves

Daley proposed a 2010 budget address on Wednesday that promised to hold off on tax increases and instead, take from the reserve fund created by the parking meter program.

“More than ever, Chicago working and middle-class families need our support,” said Daley. “To that, I want to say, ‘I hear you. I know you’re struggling. I’m fighting for you.’”

Daley’s 2010 budget proposal totals $6.14 billion, up from $5.97 billion in 2009.

To help avoid service cuts, Daley plans on using $370 million from the Parking Meter Human Infrastructure Fund, which has generated about $19 million per year since its introduction in 2008.

“The trouble is that as our revenues are falling, people are demanding more services from the city, not fewer, to help them through difficult, tough times,” Daley said.

He also promised to leave the $500 million Chicago Skyway reserve fund untouched, which will leave a total reserve fund balance of $730 million for future use.

“I know if we act responsibly, Chicago will get through these challenging times and emerge stronger for it,” said Daley.

Daley said the budget will invest in economic stimulus funds in areas such as job training, street resurfacing, and energy efficiency. It will also maintain the number of officers in the city’s police and fire departments.

$35 million will be used to provide property tax grants to homeowners in need, who may receive as much as $200 each, according to Daley.

“The challenges we face today are tougher than ever, but we can’t allow the challenges to stand in our way,” said Daley.