10/22/2012 04:52 pm ET

Revamped And Shrunken Taste Of Chicago Didn't Come Close To Breaking Even

The shrunken and revamped Taste of Chicago still didn't come close to breaking even and may never return to profitability, a top mayoral aide said Monday.

Cultural Affairs and Special Events Commissioner Michelle Boone said the she's "still reconciling" the cost of city services before releasing a final financial report on the revamped 2012 Taste.

But, she disclosed that Chicago's premier lakefront festival costs $6 million to stage and isn't "close to breaking even." That's despite the fact that individual restaurants saw their highest profit margins in five years.

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