Chicago’s budget shortfall could skyrocket to $1.9 billion by 2026 if the economy takes a nosedive — and even under the rosiest scenario, the gap between revenue and expenses would be $789 million by then.
in mid-April has ballooned to $538 million.Chicago’s burgeoning migrant crisis$90 million triggered by Johnson’s decision to get rid of Lightfoot’s automatic escalator that would have locked in annual property tax increases at the rate of inflation.
Johnson, she added, "is doing what is responsible, legally required and accountable to our schools, students and the educators who’ve spent a lifetime in service to CPS."Both the revised forecast and the press release accompanying it note that "Federal Reserve increases to benchmark interest rates to combat inflation" have impacted the local economy and "negatively impacted revenues.
The new mayor’s "multi-faceted approach" to closing the gap calls for "expenditure review, revenue enhancement measures and potential reallocation of resources," according to the press release. "I’m pleased that this mayor is focused on raising revenue equitably and making sure that those with the most means are paying more. … I hope that we can explore options in Springfield around taxing services that wealthier Chicagoans are more likely to use. But the administration will likely look toward [tax increment financing] surplus to close that gap as we look toward longer-term solutions.""Our schools are in dire need of funding. We’ve seen the impact of budget cuts on CPS.
Ervin said he would start the delicate balancing act by surveying his members — first on their spending priorities, then on suggested budget economies and revenue ideas. Wall Street rating agencies had reacted favorably to annual property tax increases as well as Lightfoot’s decision to pre-pay $242 million in future pension debt to avoid saddling Chicago taxpayers with compounded interest.
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