Mayor’s Budget Expects $30 Million In Speed Cam Revenue
Long Term, Cams Could Generate Hundreds Of Millions A Year
But based on the Mayor’s 2013 proposed budget, all those safe children are going to generate a lot of revenue for the city.
The city is projecting $30 million in revenue from speed cameras, from just 40 locations around the city next year according to the Chicago Sun-Times.
With fines of $35 for anyone driving between 6-10 mph over the speed limit and $100 fines for exceeding the speed limit by 11 mph or more within 1/8 of a mile of a school or park, that $30 million estimate would break down to about 670,000 speed cam tickets next year.
The Sun-Times reports that Budget Director Alex Holt felt it was important to move quickly in the first quarter of 2013 to get cameras functional to begin issuing violations in order to meet revenue projections.
But while the city says it will have 40 speed cameras installed and working in 2013, if the city installs the maximum 300 cameras allowed under the municipal code, it could generate whopping $225 million a year based on city estimates.
The city’s estimates are perhaps conservative based on the Chicago Department of Transportation’s own studies which showed 26% of vehicles at seven locations exceeded the speed limit by 5 mph or more. The Expired Meter’s analysis, based on those same numbers show speed cameras could produce a huge cash windfall for the city.
The law puts a cap on the number of speed cameras at 20% of the total number of traffic safety zones. The city identified over 1,500 of these zones defined as being with 1/8 of a mile of any school or park.
If grown to it’s fullest potential, revenue from Chicago’s speed camera program would dwarf the $60-$70 million a year the city’s red light camera system generates every year.
Here’s the Sun-Times’ full story, “Speed-camera revenues figure in Emanuel’s ‘children first’ budget.”