Chicago mayor presents $6.97B budget to council

CHICAGO — Chicago Mayor Rahm Emanuel is expected to present a $6.97 billion budget that includes higher parking fines and higher taxes on cigarettes, but no increase in property, sales and gas taxes.

City aldermen were told of the budget Tuesday. Emanuel is expected to present it at Wednesday's City Council meeting.

The Chicago Sun-Times reports Emanuel is counting on $120 million in fines from red-light and speed cameras, $10 million from a 75-cents-a-pack increase in the city's cigarette tax and $10 million from higher parking and impounded vehicle storage fees to help balance the budget.

The paper reports city officials expect the rest of the nearly $339 million budget shortfall will be reduced by steps that include what the city calls "improved fiscal management."