The budget gap is nearly three times the size of the gap forecasted by former Mayor Lori Lightfoot as she left office, but is still smaller than any projected shortfall since 2019.
Chicago Budget
It took less than five months for the Chicago Police Department to exhaust the $100 million earmarked for overtime set by the Chicago City Council as part of the city’s 2023 budget, according to data obtained by WTTW News through a Freedom of Information Act request.
In all, Chicago owes $35.4 billion to its four employee pension funds representing police officers, firefighters, municipal employees and laborers, according to the 2022 Certified Annual Financial Report.
The working group formed by Mayor Brandon Johnson to tackle Chicago’s acutely underfunded pensions is set to meet for the first time this week to confront one of the major fiscal challenges facing Chicago’s new leader.
The plan released Wednesday kicks off a debate between progressive political organizations and the mayor they helped elect on how best to achieve the goals they all share.
The projections detailed by outgoing Mayor Lori Lightfoot represent a significantly rosier financial picture for Chicago than the forecast released in August, when city officials projected a likely budget gap of $473.8 million in 2024.
The Chicago Police Department spent at least $210.5 million on overtime, 56% more than in 2021 and more than double the $100 million earmarked for police overtime set by the Chicago City Council as part of the city’s 2022 budget, according to data obtained by WTTW News.
With less than two months until Election Day, Mayor Lori Lightfoot touts the $16.4 billion spending plan she crafted as a “stability budget” for a city enjoying a faster than expected recovery from the COVID-19 pandemic. Here’s what it does.
The budget takes effect Jan. 1, 2023, approximately two months before Mayor Lori Lightfoot is set to ask voters for a second term as Chicago mayor, does not include a property tax hike to keep up with the soaring rate of inflation, or any other tax or fee hikes.
Representatives of the city’s Department of Transportation and the Budget Office declined to provide WTTW News with a full breakdown of spending during 2021 and 2022 under the banner of Chicago Works.
Mayor Lori Lightfoot’s plan to close a projected $170.6 million budget gap in 2023 relies on booming tax revenues that she said proves Chicago’s budget has fully recovered from the economic catastrophe caused by the COVID-19 pandemic.
The last time the salary paid to Chicago’s mayor changed was in 2006, under former Mayor Richard M. Daley. Former Mayor Rahm Emanuel was paid $216,210 in each of the eight years he served as mayor, and Lightfoot will be paid the same through her first term in office.
The upgrade is likely to boost efforts by Mayor Lori Lightfoot to convince Chicago City Council members to support her budget, which she hopes to pass on Nov. 7.
One year after the Chicago City Council approved what Lightfoot calls the Chicago Recovery Plan, city officials have spent just $130.5 million of the $1.227 billion earmarked for a host of programs including affordable housing, mental health, violence prevention, youth job programs and help for unhoused Chicagoans, according to data released as part of the mayor’s 2023 budget proposal.
Chief Financial Officer Jennie Huang Bennett faced pointed questions from members of the City Council’s Budget and Government Operations Committee on Thursday about the "advanced pension payment" proposal.
Mayor Lori Lightfoot’s plan to close a projected $170.6 million budget gap in 2023 relies on booming tax revenues that she said proves Chicago’s budget has fully recovered from the economic catastrophe caused by the COVID-19 pandemic.
