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Chicago taxpayers are looking at a billion-dollar deficit after elected officials raised the budget from $16.6 billion this year to $17.1 billion for 2025. ... Although the Chicago City Council ...
However, the city of Chicago has a long history of budget deficits. In 2023, the city projected a $538 million dollar deficit, nearly half of the projected shortfall for 2025.
Chicago's financial woes are no secret at this point, and the mayor's $17.3 billion proposed budget still includes a $982 million deficit. Johnson sought to fill the gap with a now-failed $300 ...
In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years. Note that a fiscal year is named for the calendar year in which it ends, so "2022-23" means two fiscal years: the one ending in calendar year 2022 and the one ending in calendar ...
Chicago budget update Chicago Mayor Brandon Johnson has eliminated property-tax increases from his latest budget proposal for 2025, but at least 15 members of the city council remain opposed to ...
The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
Chicago’s financial forecast is clouded by a $982.4 million budget deficit, and Mayor Brandon Johnson's proposed $300 million property tax hike has stirred up a storm of discontent with council ...
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.