Cook County Board president Richard Phelan last week unveiled a $2.08 billion fiscal 1994 budget that ends the county's practice of issuing tax anticipation notes and curtails other short-term borrowing.
In a press release, Phelan said the county will be able to lessen the combined effect of the "twin evils." He pointed to the county's conservative fiscal policies, its private sector business practices, and improved cash-flow from a .75% sales tax. Last year, about $70 million of county funds were allocated to pay off short-term debt.
Phelan, who has announced his candidacy for governor, said the elimination of tax anticipation notes alone will save the county $8 million annually.
Woods Bowman, the county's chief financial officer, said that the budget for fiscal 1994, which begins Dec. 1, includes about $14 million for anticipated debt service payments on about $200 million of general obligation bonds that are expected to be issued next year.
Bowman said that the bonds would be issued as the fourth phase of the county's $958 million, four-year capital improvement program.