02/02/2009 05:12 am ET Updated Dec 06, 2017

Broke City: Revenues $31 Million Below Expectations (WATCH)

City government took in tens of millions of dollars less in 2008 than it predicted just a few months ago, which will force further cost-saving measures or a drawdown of a rainy-day fund, the city's top financial officer said today.

"We're some $31 million below what we actually thought" in September, said Chief Financial Officer Paul Volpe, whom Mayor Richard Daley has tapped as his next chief of staff.

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Watch Volpe's presentation on the revenue shortfall: