CHICAGO -- The Chicago City Council last Friday approved a $3.24 billion fiscal 1992 all-funds budget that eliminates a projected $124 million shortfall but does not include pay raises for unionized city employees whose contracts expire Dec. 31.

Noelle Gaffney, a spokeswoman for Mayor Richard Daley, said the city does not expect to sign new contracts with the unions until February at the earliest, well after the new fiscal year begins on Jan. 1.

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