CHICAGO -- Mayor Richard Daley of Chicago yesterday proposed a $3.24 billion all-funds budget that would eliminate an estimated $124 million shortfall through spending cuts and revenue increases for fiscal 1992, which begins Jan. 1.

In a budget address to the city council, the mayor recommended reducing the city's work force by 1,474 jobs, to 37,399, and curtailing duplication and inefficiency by eliminating or merging some city departments -- moves he estimated would save the city $46 million.

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