Cook County, Illinois, Projects $152.1 Million Budget Deficit In FY 2014

Cook County, Illinois, is looking at another huge budget deficit for the coming fiscal year. Communications Staff over at the County’s official blog wrote on June 27:

Cook County Board President Toni Preckwinkle today released the preliminary budget for Fiscal Year 2014 which projected a $152.1 million deficit.

They added:

The County is also projecting a year end shortfall of $18 million in 2013.

The fiscal year comes to an end on November 30 in the second-most populous county in the United States (after Los Angeles County, California).

It remains to be seen how Cook County plans to make up the projected budget shortfall in FY 2014, but President Preckwinkle thinks property and sales taxes can be ruled out. The Cook County Blog quoted her as saying:

I am confident we will be able to make the tough decisions necessary to balance the budget without raising property or sales taxes.

Bill Ruthhart reported on the Chicago Tribune website on June 27:

The Democrat from Hyde Park declined to discuss what specific tax and fee increases are under consideration this time.

“We’re trying to put everything on the table,” she said. “We have to close a $152 million gap in an environment where we’ve already picked all the low-hanging fruit, so we’re going to have tough choices ahead of us.”

Last year, Preckwinkle’s budget included a $1-per-pack cigarette tax increase, a $25 tax on new gun sales, a 1.25 percent use tax on out-of-county purchases of more than $3,500, a $1,000-a-year tax on slot machines and a $200-a-year tax on video gambling terminals. All told, those were expected to raise about $41.7 million in a $2.95 billion budget.

“We’ve already picked all the low-hanging fruit.”

Cook County residents and businesses should prepare themselves for new/higher fees and taxes going forward.

You can view the preliminary budget on the County’s blog here.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Ruthhart, Bill. “Cook County budget gap $152 million for next year.” Chicago Tribune. 27 June 2013. (http://articles.chicagotribune.com/2013-06-27/news/chi-cook-county-budget-gap-152-million-for-next-year-20130627_1_cook-county-budget-gap-sales-tax-increase-county-jail). 1 July 2013.

Share

Tags: , , , , , , , , ,

Monday, July 1st, 2013 Deficits, Fiscal Policy, Government, Spending, Taxes
Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



Please Rate this Blog HERE



happyToSurvive
Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 1/15/17.
ANY CHARACTER HERE
Buy Gold And Silver Coins Huge Silver Bar Sale (10 Oz. Individual & Monster Boxes)! World Gold (Bullion) Coins/Bars Also On Sale. Free Shipping On U.S. Orders $99 And Up (Only $5.95 Below $99!). BGASC Reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service Taking Care Of $2 Billion For Over 65,000 Users From 175 Countries. BullionVault.com Reviewed HERE.
ANY CHARACTER HERE
1-Year Food Supply $1,597 + Free Shipping Limited Time Only; Alexapure Pro Water Filtration System $147; Big Savings On "Deal Of The Day" Page; Free Shipping On Orders Over $79. MyPatriotSupply.com Reviewed HERE.
ANY CHARACTER HERE
bullet proof vestsWorld's First Bulletproof Baseball Cap Only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) Only $169; Bulletproof Backpack/Messenger Bag Panel Only $99. BulletSafe Reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% Discontinued Title Sale- Savings Up To 75% Off Original Price. Paladin Press Reviewed HERE.
 

Categories

Archives

Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Related Reading: Another Take On ‘Old’ Gold Coins Being Better Than Bullion Against Confiscation
    Earlier this week I discussed two recent blog posts by economist Martin Armstrong concerning what he thinks is the most effective way to possess and retain physical gold in the face of government confiscation. My understanding was “genuine old coins,” as: Coins are better than bullion for they have some historical value. Their historical value […]
  • Happy Inauguration Day
    Just wanted to wish American readers of Offshore Safe Deposit Boxes a happy- and safe- Inauguration Day. Christopher E. Hill Editor Betty White, It’s a Good Day (1954) YouTube Video
  • Related Reading: Jewelry Investing Article In Town & Country Magazine
    This afternoon I was surfing the Internet when I came across an article about jewelry investing on the website of Town & Country, the venerable monthly American lifestyle magazine. In “Is Jewelry the Last Brilliant Investment?” (published January 17), Stellene Volandes discussed “the role of stones and jewels as a new asset class” and the […]
  • Martin Armstrong: Old Gold Coins Better Than Bullion Against Confiscation
    In two January blog posts on his company’s website, economist Martin Armstrong shared what he thinks is the most effective way to possess and retain physical gold in the face of government confiscation. On January 10, Armstrong advised his blog readers: As we move forward, it will be best to hold assets out of banks […]
  • New Year’s Half-Price Domain Sale
    A little housekeeping to start off the blogging week on Offshore Safe Deposit Boxes. I’d like to direct your attention to the following on the blog’s sidebar: Opening An Offshore Private Vault? New Year’s HALF-PRICE Domain Sale Limited Time Only! elitevaults.com $100 offshoreprivatevault.com $500 offshoresafedepositbox.com $500 Inquire Via “Contact” Page Have a great week, Christopher […]