Chicago To Dip Into Parking Meter, Skyway Funds As Budget Gap Looms

07/22/2010 09:52 am ET | Updated May 25, 2011

Chicago is facing a record budget shortfall -- approaching $700 million when the cost of police and fire contracts are factored in -- setting the stage for another raid on reserves generated by the parking meter and Chicago Skyway leases.

As of Dec. 31, the city had just $180 million left from the $1.15 billion parking meter windfall that was supposed to last for 75 years. There was $550 million remaining from the $1.83 billion deal that privatized the Skyway for 99 years.

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