With Revenues Flat, More Chicago Layoffs Seen Inevitable

Shields, Yvette
May 2003
Bond Buyer;5/23/2003, Vol. 344 Issue 31642, p44
Trade Publication
Chicago, Illinois finance officials have warned about the possibility of additional layoffs in the city as it strives to bring up its unreserved fund balance amid flat revenue growth and rising employee health care and pension costs. Additional personnel reductions, likely through layoffs, will be necessary to maintain the structural balance in the 2003 budget and continuing into 2004. The warnings were clearly aimed at the leaders of the city's unions, who will be asked to agree to concessions to reduce workforce costs and reduce the number of layoffs.


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