CHICAGO — Chicago's City Council has approved a 2014 budget of about $7 billion that relies on new revenue from the nation's highest cigarette tax and tickets issued by speed and red light cameras.
The budget approved Tuesday will cause Chicago to have the nation's highest state and local tax on cigarettes at $7.17 per pack. The budget also relies on $130 million in fines from red light and speed cameras and $33.2 million in new taxes, fines and fees.
The city projects a growth of $100 million in sales, income, hotel, and real estate transfer tax revenues.
The budget was passed in a 45-5 vote. The only alderman to explain his dissenting vote was Bob Fioretti, who said he was concerned about long-term borrowing and no funding for new police hiring.