Departing Cook County Board president Richard Phelan says his successor has got a tough job ahead. In a lengthy transition report, Phelan said that unless new revenues are mined or government costs cut, the county will face a fiscal crunch as soon as next year.

The report outlined several financial perils that could befall the county next year. Chief among them is a 5% property tax cap that Republican lawmakers say they will impose on Cook County.

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