A report from ratings agency Standard & Poor’s released Tuesday says structural solutions to the city’s fiscal problems will likely depend on Springfield – and will take time.
S&P said in a statement that “outside of a massive property tax increase, it has limited options to raise significant predictable revenues through a single tax or fee increase without state legislation that would expand the city’s revenue-raising authority.”
City Council members are still digesting Mayor Lori Lightfoot’s “State of the City” address delivered Thursday, in which she revealed an $838 million budget shortfall driven in large part by rising pension and labor costs.
The mayor has said the city faces “hard choices” and that when it comes to putting the city on a sustainable spending path, she can’t take any option off the table – including raising revenue – which could mean higher taxes.
Joining “Chicago Tonight” to share their take on what they heard from the mayor:
• Ald. Raymond Lopez, 15th Ward. Lopez has been an outspoken critic of the mayor, saying she has failed to collaborate with aldermen to achieve her goals and accusing her of wanting a “rubber-stamp” council.
• Ald. Nicholas Sposato, 38th Ward, and chair of the Committee on Special Events, Cultural Affairs and Recreation. Sposato is known for speaking his mind and was critical of Lightfoot’s move to strip council members of their aldermanic prerogative.