Mayor needs to eliminate shortfall put at $636 millionMayor Rahm Emanuel's administration has asked all 50 Chicago aldermen to offer ways to close a looming budget gap, as long as the ideas don't raid the city's reserves or rely too much on quick fixes, according to an email the Tribune obtained Tuesday.

In a tough economy, building a bank account trumps building a resume. The catch is, jobs are scarce. When competition for spots at top universities increased, summer break became a way for students to burnish their resumes with foreign travel, community service and other enrichment activities.

Taxpayers, school administrators debate how much is too much money in reservesLocal schools are stockpiling more and more taxpayer money, with dozens of districts sitting on enough cash to pay a full year of expenses, statewide financial data show.

h ponders its options as it seeks cash to fund pensions, pay debt and build reserves.The sledding hill and skate park in Lake Zurich will not be sold for commercial development for now, but the issue likely will come up again next year as the village evaluates its park plan and looks for ways to raise cash.

Record-high spending plan avoids deep cuts that critics say are neededMayor Richard Daley on Wednesday easily won City Council approval of his final budget, a record-high spending plan balanced by drawing down dwindling reserves instead of the deep cuts critics say are needed to maintain the city's financial health.

Next mayor will be limited in flexibilityMayor Richard Daley accentuated the positive during his final budget address Wednesday, talking up Chicago's transformation under his watch from an aging Rust Belt city to a modern global metropolis instead of the unpleasant reality of making ends meet during his final months in office.

2011 budget expected to add cops, draw down city reservesMayor Richard Daley on Wednesday is expected to offer up an election-year budget — even though he's not running for re-election.