Chicago mayor projects $114M budget shortfall for 2018

CHICAGO (WLS) -- Mayor Rahm Emanuel said Monday that the city of Chicago's projected 2018 budget shortfall is $114.2 million, which is an 82 percent reduction in debt from 2011, when he took office.

In 2011, Chicago had a structural deficit of $635.7 million.

The mayor credited cost-cutting measures, including consolidating office spaces and eliminating similar department functions.

The mayor also said the city has implemented funding solutions for its four pension funds to steer them to solvency, and also made other key financial reforms.