As Chicago grapples with a second wave of the pandemic, a Wall Street ratings agency fired a shot across the bow as aldermen prepared to start a month of hearings on Mayor Lightfoot’s spending plan.

“There are points in time when scoop and toss is appropriate” and that is now the case since Chicago is facing a $1.2 billion budget gap, Chief Financial Officer Jennie Huang Bennett said.

The mayor’s budget plan, the next coronavirus wave and the final presidential debate. Our politics team takes on those stories and more in this week’s roundtable. 

Mayor Lori Lightfoot’s plan to close a projected $1.2 billion budget gap in 2021 would hike sales and property taxes by $76.4 million, eliminate 1,921 city jobs and dip into the city’s rainy-day fund.

Mayor Lori Lightfoot has repeatedly said she’s not in favor of defunding the Chicago Police Department, but with position reductions, budget cuts and investments in a new pilot program, the city may be rethinking the way policing will work.

Mayor Lori Lightfoot will face the biggest test of her time in office on Wednesday when she details her plan to fill the massive budget shortfall caused in part by the coronavirus pandemic.

In a typical year, approximately 3% of property owners do not pay their taxes, according to Chicago officials. But in 2021, a projected 10% of property owners won’t pay their tax bills, which would cost the city $65.2 million.

After the president refuses to participate in a virtual debate, it is canceled by the Commission on Presidential Debates. The city faces a nearly unsolvable budget problem as federal stimulus talks break down. And the “fair tax” fight heats up.

Mayor Lori Lightfoot this week painted a grim picture ahead of her Oct. 21 budget address as the city tries to close a massive budget gap. Our politics team tackles those stories and more in this week’s roundtable.

City officials are working to craft a plan to fill a projected $1.2 billion budget shortfall in the 2021 fiscal year — without the hope of more aid from the federal government.

The funds will allow “tens of thousands more patients served, better access to care for the underserved and integrated care for the whole person,” officials said.

Mayor Lori Lightfoot said the plan she sends to the Chicago City Council will not count on the federal government sending additional relief funds to the city. 

Chicago’s looking at a lot of red ink due to coronavirus-related shutdowns. What kinds of cuts might the city soon see to keep its financials afloat? We speak with four people who will likely have a say in those decisions.

Each year, city officials define a budget for Chicago. While the city budget process includes public hearings, an event Saturday sought to get community input on their budget priorities.

Several aldermen on Friday urged Chicago’s chief financial officer to dip into the city’s $900 million savings account to wipe out the massive budget shortfall caused by the coronavirus pandemic.

Chicago’s chief financial officer warned aldermen Monday that taxing big firms and financial transactions would not help dig the city out of a massive budget hole caused by the coronavirus pandemic.