Daley Proposes Dipping into TIF Reserves to Balance Budget

by Kate Piercy Mayor Daley went forward with his plans to use TIF reserves in order to “balance” his proposed FY2011 budget, leaving it to his future replacement to tackle the inherent problems that led the city into a deficit in the first place. Balancing the budget is important, but TIFs were not created to be used...

by Kate Piercy

Mayor Daley went forward with his plans to use TIF reserves in order to “balance” his proposed FY2011 budget, leaving it to his future replacement to tackle the inherent problems that led the city into a deficit in the first place.

Balancing the budget is important, but TIFs were not created to be used by elected officials looking to fill budget gaps. Using TIFs in this manner actually encourages the irresponsible spending that leads to massive budget deficits, and TIFs should be used solely to provide low-income communities with a way of furthering their economic development. Taxpayers deserve a more responsible, transparent TIF process that would foster more government accountability, improve public understanding, and help enforce ethical behavior for everyone involved in TIF management and financing.