Parking Meters Company Posts Profit While City's Bank is Low

Chicago - The City of Chicago has just $2.7 million in the bank as it closes the books on its 2009 budget. That’s 10 times the $200,000 it had in the bank at the end of 2008.

The Civic Federation says a city the size of Chicago should have a cash reserve of at least $200 million.

The city may be hurting for cash, but the parking meters it leased out are hauling in the cash.

The Chicago News Cooperative reported that Chicago Parking Meters LLC will earn almost $75 million this year.

After expenses, that translates to $60 million of profit.

One estimate suggests revenues could hit $162 million by 2020.

The city sold a 75 year lease to the meters for just over $1 billion two years ago.

Most of that money is already gone.