JUST IN: Mayor Lori Lightfoot says she will leave Chicago in a much better financial condition than she found it, promising Mayor-elect Brandon Johnson will face a historically small budget gap of just $85 million in 2024.
Mayor Lori Lightfoot unveils the forecast for the 2023 Chicago budget on Aug. 10, 2022.
During the mayoral campaign, Johnson promised not to raise Chicagoans’ property taxes, vowing to roll back the increases tied to the increase of the cost of living, calling property taxes already “painfully high.” By comparison, the city faced a budget shortfall of $170.6 million in 2023, after Lightfoot scrapped the property tax hike proposal.
Chicago’s financial picture has been buoyed in recent years by the city’s red-hot real estate market, a faster than anticipated recovery from the depths of the COVID-19 and nearly $2 billion in federal aid designed to help the city withstand the ravages of the pandemic. In 2024, Chicago will pay more than $2.41 billion to its pension funds. Those payments are set to increase only slightly as compared with 2023, after years of massive increases in order to comply with the terms of a state law designed to force the city’s pensions to be funded at a 90% level by 2045.
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