While Chicago Mayor Richard Daley won't formally release his FY 2011 budget proposal until the City Council meeting on Wednesday, sources briefed on the details say the administration wants to drawn down further the city's asset lease reserve funds and tap slightly into the city's tax increment financing fund (TIF) to close its $655 million deficit.
Allegedly, Daley will declare $200 million of this year's TIF pot as "surplus," which will send back $40 million into the city's coffers and $100 million to the Chicago Public Schools. (Roughly $700 million is available for return.) Aldermen told the Tribune that the city would also eliminate 280 jobs while keeping in place its furlough policy and hiring freeze.
The council has until the end of the year to vote on a final budget package for 2011.
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