First Arbitration, Second...

...announce that not only have you driven the Chicago economy into the ditch, it looks like next year, its rolled over and burst into flames:

• Even after the city exhausts a $320 million rainy day fund created by leasing the city’s parking meters, it still must find $520 million in costs savings or new revenue to get through next year, officials said today.

  Although new taxes are “a last resort, . . . nothing is ruled out at this point,” Chief Financial Officer Gene Saffold said during a City Hall briefing this afternoon that Mayor Richard Daley did not attend.

  “The mayor has instructed us not to look at property taxes as we move forward in 2010,” Saffold added. “We’re looking for innovative solutions which will help us address this issue.”

  The city plans to use $269 million of the rainy day fund to cover an anticipated 2009 budget deficit. The deficit already was reduced by $59 million, in part through layoffs, employee furloughs and union concessions that affect city services.

  That would leave $51 million in the rainy day fund that will be used to reduce the anticipated 2010 shortfall, which is expected to be worse than the current year. As an example, Saffold said, labor costs are expected to increase $117 million.

It looks like it's time for desperate measures.

How about cutting 30 aldercreatures? That would be a savings of $3.6 million in salaries, $39.9 million in "discretionary fund" spending, and probably another $150 million or more in staff cuts, office rentals, supplying those offices and the attached graft that goes with it. We conservatively estimate that cutting those 30 thieves and their hangers-on would save in the neighborhood of $200 million the first year alone - nearly 40% of Shortshanks' estimated budget shortfall.

They can cover the other $320 million by revamping city purchasing procedures. Problem solved. You can thank our readers for the suggestion.