Deficit follows mayor's decision to not tie property tax levy to inflation and the fiscal impact of the city's migrant crisis.
Mayor Brandon Johnson listens to debate over funding for migrant aid in City Council chambers on May 31, 2023. The council approved $51 in migrant aid resources.
As a candidate, Johnson was quick to come out against raising residents’ property taxes, a pact he hammered until the very end of the runoff election, even as some doubted its viability. Roughly $1.4 billion of the $1.7 billion the city collected in property taxes in 2023 was used for pension debts, and keeping the city’s tax levy at its current level will force the mayor to find new revenue or cuts to plug in that gap and to enact aspects of his progressive agenda.
On the revenue side, local taxes are projected to bring in 2.1% more revenue, or $45.5 million. But proceeds and transfers — outside sources of funding — will fall by a whopping 34%, or $294.1 million, because Chicago will no longer be able to tap into the stimulus funds from the American Rescue Plan Actside can be attributed to factors such as personnel costs being projected to grow by more than $214.4 million, to $3.
Johnson himself warned last week: “So the sacrifices that will be required in this moment will be necessary from all of us, every single level of government,” when asked about whether additional revenue will be needed, particularly to move the asylum-seekers out of Chicago police station lobbies. Johnson, a former Cook County commissioner, released one of the most extensive economic plans in this year’s mayoral race, vowing to eliminate the city’s structural deficit through a bundle of tax-the-rich levies. The plans included
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