Cook County Board President Toni Preckwinkle appeared on “Chicago Tonight” on May 11, 2023. (WTTW News)
Cook County is facing a projected budget gap of $218.2 million in 2025, according to a budget forecast released Wednesday by Cook County Board President Toni Preckwinkle.
That is the largest shortfall since 2021, when the county’s budget was ravaged by the impact of the COVID-19 pandemic and the economic catastrophe triggered by the shutdowns designed to stop the spread of the virus.
“Despite a pandemic and fiscal challenges, we’ve protected pensions, expanded equity programming, improved our bond ratings, managed pandemic relief wisely and closed nearly $1 billion in budget gaps without raising taxes,” Preckwinkle said in a statement.
Read the full 2025 budget forecast.
Preckwinkle’s office is scheduled to release a detailed proposal to close the gap in October, but officials have no plans to hike taxes, cut services or layoff workers to cover the projected gap, a spokesperson told WTTW News.
The county’s 2024 budget totaled $9.26 billion.
The county’s hospital system — which bore the brunt of the pandemic’s impact, providing half of all the charity care in the county at just two hospitals — does not face a projected budget deficit, officials said. That will help ease the financial pinch facing county officials and keep the county on solid financial footing, Preckwinkle said.
In addition, Cook County expects to end the 2024 fiscal year with a $142 million surplus, according to the forecast. That surplus is fueled by inflation boosting tax receipts and the fact that the tight labor market has delayed hiring efforts.
The Cook County Health and Hospitals System expects to end the 2024 fiscal year with a surplus of $224.6 million, buoyed by an increasing number of members in CountyCare, the county’s Medicaid health insurance plan, more patients than expected and stepped-up efforts to collect on medical bills.
That means the county and the health system is set to end 2024 with a projected total surplus of $367 million, officials said.
The county’s budget gap is being fueled by increases in personnel costs, the rising cost for goods and services because of inflation as well as a $35.7 million increase in the county’s pension payment.
Cook County officials are scheduled to host a virtual public hearing at 6 p.m. July 17, and residents can submit questions online.
Contact Heather Cherone: @HeatherCherone | (773) 569-1863 | [email protected]
