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economic growth

economic growth

President Preckwinkle Releases 2013 Preliminary Budget

2y ago
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Cook County Board President Toni Preckwinkle today released the preliminary budget for Fiscal Year 2013, projecting a shortfall of $267.5 million. The latest projection is a clear sign of the progress being made to stabilize County finances after preliminary budget shortfalls of $487 million for FY 2011 and $315 million for FY 2012. President Preckwinkle pointed to declining revenue streams as the key driver of the projected shortfall citing a $152 million shortfall at the Cook County Health and Hospitals System made up largely in patient billing fees, the planned rollback of .25% of the sales tax which has an $87.8 million impact on the 2013 budget, and decreases in other revenue sources such as the County's tobacco tax ($20 million), a decline in court filings ($12 million), and the gasoline and diesel tax ($3.8 million). As Preckwinkle emphasized her commitment to the complete roll back of the Stroger sales tax as necessary for economic growth in Cook County, she revealed that budget impact of the rollback is projected to be $9 million less than anticipated.