Demolishing the record set in each of the past two years, $1.22 billion poured into the city’s 129 TIF funds in 2021, according to a report from the office of the Cook County Clerk.
Chicago Finances
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.
Bally’s Chicago casino is set to have 3,400 slots and 173 table games in addition to an exhibition hall, 500-room hotel, a 3,000-seat theater and 11 restaurants. The development will include a 2,100-square-foot park and walking path along the river and a three-level underground parking garage, according to the plans released by city officials.
The $1.74 billion proposal still needs the approval of the Illinois Gaming Board, which must license Bally’s to operate the Chicago casino set to be built along the Chicago River near Chicago Avenue and Halsted Street.
The last time Chicago voters passed a binding referendum that applied to the entire city was 1885, according to city records. As supporters’ paths to the ballot have been nearly closed off, they have begun shifting the fight to the 2023 campaign for mayor and City Council.
The CTA’s Board of Directors approved a $1.8 billion operating budget for 2023, a plan that doesn’t include fare increases for passengers. But with ridership still down from pre-pandemic levels, the budget relies on nearly $400 million in federal stimulus money to make up for lost fare revenue.
Dozens of Chicagoans who waited hours to get their turn to address the Chicago City Council were prevented from speaking because a majority of the Chicago City Council attended Monday's special meeting.
Supporters of the proposal say the change will help the nearly 66,000 Chicagoans who are unhoused by generating approximately $160 million annually.
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 Chicago Transit Authority unveiled its budget proposal for next year. The proposed $1.8 billion budget avoids service cuts and price increases while making investments to upgrade the transit system.
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.
