The current proposed budget would impose a monthly $21 per employee tax on companies with more than 200 employees to generate $82 million to fund violence prevention and youth employment programs.

“I will not be proposing a property tax increase in my budget,” Mayor Brandon Johnson said Thursday. “I’m going to continue to work hard to find progressive revenue so that we can continue to make critical investments in transforming our city.”

In all, Chicago owes $35.9 billion to its four employee pension funds representing police officers, firefighters, municipal employees and laborers, according to the 2024 Annual Comprehensive Financial Report.

The Chicago Police Department exceeded its nearly $2 billion budget, approved by the Chicago City Council, by $207 million, according to city data.

The Chicago City Council is set to vote on the proposal Wednesday, after a week-long delay fueled by outrage whipped up on social media, the budding 2027 race for mayor and the lack of trust many alderpeople have in Mayor Brandon Johnson’s ability to steer the city through rough financial seas.