Mayor Lori Lightfoot is set to unveil her detailed 2023 spending plan on Monday, which now must close a deficit of $170.6 million.
Mayor Lori Lightfoot unveils the forecast for the 2023 Chicago budget on Aug. 10, 2022.
Calling the hike “the fair thing to do,” Lightfoot told reporters the owners of a home worth $250,000 would pay just $34 more a year. Lightfoot said her decision to reverse her proposal to hike property taxes in 2023 offered “one-time relief” to taxpayers.In 2023, Chicago will pay more than $2.34 billion to its four pension funds — more than an additional $1 billion directly from the city taxpayers than it paid just three years earlier.
Chicago’s financial picture has been buoyed by the city’s red-hot real estate market and nearly $2 billion in federal aid designed to help the city withstand the ravages of the pandemic. Chicago ended 2021 with a surplus of $318 million, according to the city’s annual financial report.
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