Chicago's $700M deficit slashed, Mayor Emanuel says

July 30, 2012 3:52:47 PM PDT
Chicago Mayor Rahm Emanuel says the city's preliminary budget estimate, which is due Tuesday, will show that the projected $700 million deficit has been slashed.

"It will show what could have been a deficit, and I'm going over the final numbers today. North of 700, we've cut it in half from a structural standpoint. That's through the hard decisions we made. The tough decisions to reinvent, rethink how we as a government operate," said Emanuel.

Emanuel said a change in the garbage collection system saved the city $15 to $20 million. Changes in worker's compensation resulted in another $15 million in savings.