The mayor says this as one of the lowest budget deficits 'in recent City history.'
Chicago Mayor Lori Lightfoot on Wednesday laid out a $127.9 million budget shortfall, marking by far the smallest deficit of her time in office as she campaigns for a second term.The city is also looking at a $42.7 million property tax increase as part of her policy tying Chicago’s annual property tax hike to the increase in consumer prices. That’s smaller than the $85.5 million increase her formula could’ve yielded, but it’s unclear whether the cut will be enough to satisfy critics.
Transaction taxes, which are collected on real estate sales, were particularly strong, coming in more than $200 million above budgeted amounts, though budget officials have previously warned that’s unlikely to continue. With employment strong, state income tax receipts were also up $228 million over the budgeted amount. Transportation revenues — which include charges levied at parking garages and on cab and ride hailing apps -- were down, as were some non-tax revenues like fines.
The budget has provoked some of Lightfoot’s most contentious fights with aldermen. Lightfoot’s first spending plan passed the City Council 39-11, with much of the opposition coming from progressive aldermen who argued it doesn’t go far enough toward addressing the mayor’s campaign promises on issues including the reopening of mental health clinics.
In 2020, Lightfoot struggled to generate support for her budget, which was opposed by some aldermen because it made modest cuts to the police budget and by others who objected to a $94 million property tax hike. The mayor threatened not to help aldermen with projects in their wards if they voted against the budget, telling them, “Don’t come to me for s---” if they don’t support her budget.
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