Chicago faces $982M deficit in 2025 budget forecast: 'Significant challenge for our City'

Published: Aug 29, 2024 Duration: 00:02:09 Category: News & Politics
Tags : Chicago money budget Brandon Johnson Chicago budget
Trending searches: chicago weather
GET BALANCED? TIA EWING HAS A CLOSER LOOK. THIS DOCUMENT IS STRAIGHT FROM THE BRANDON JOHNSON ADMINISTRATION. IT EVEN HAS THE CITY SEAL. IT'S THE HEADLINE THAT HAS HEADS ROLLING. THE MAYOR'S PROJECTED 2025 BUDGET SHOWS A GAP OF CLOSE TO $1 BILLION, AND FOR THIS YEAR, CLOSE TO 230 MILLION. IT'S VERY SIMPLE. WE ELIMINATE THE DEBT. IN MY FIRST TERM, WHILE ALSO MAKING UP TO $1 BILLION OF INVESTMENT WITHOUT RAISING PROPERTY TAXES. THOSE WORDS WERE SPOKEN IN FEBRUARY OF 2023. THAT WAS PART OF JOHNSON'S CAMPAIGN PROMISE HE RAN ON. HE MADE GOOD ON IT IN HIS FIRST YEAR IN OFFICE. BRYCE HILL WITH THE ILLINOIS POLICY INSTITUTE SAYS TAXPAYERS SHOULDN'T GET USED TO IT. IT'S GOING TO BE CITY PROPERTY TAXPAYERS, BECAUSE THAT'S THE LARGEST SOURCE OF REVENUE OF OWN SOURCE REVENUE FOR THE CITY, WHETHER IT COMES TO THE CITY BUDGET OR THE CPS BUDGET, WHICH IS ANOTHER LOOMING QUESTION. BUT THAT'S GOING TO BE THE WHERE THIS HAS FELT THE MOST. THE MAYOR ACKNOWLEDGES THE GAPS ARE LARGELY DRIVEN BY RISING PERSONNEL, PENSION AND CONTRACTUAL COSTS, ALONGSIDE A DECREASE IN SPECIFIC REVENUE STREAMS. THE CITY DIDN'T GET THE $175 MILLION REIMBURSEMENT FOR PENSION CONTRIBUTIONS TO STAFF MEMBERS AT CPS IN ORDER TO ACHIEVE A BALANCED BUDGET, THERE WILL HAVE TO BE CUTS IN MORE REVENUE COMING IN. IT'S AN UPHILL BATTLE FOR THE MAYOR AND CITY COUNCIL. THERE ARE A COUPLE OF THINGS I THINK WE NEED TO LOOK AT. NUMBER ONE IS HOW OUR SALES TAX BASE IS RIGHT NOW. WE'VE GOT A SALES TAX BASE THAT'S BASED ON 1930S 1920S METHODOLOGY. THE ECONOMY HAS CHANGED. THE CHAIR OF CITY COUNCIL'S BUDGET COMMITTEE, ALDERMAN JASON ERVIN OF THE 28TH WARD, SAYS MAYBE IT'S TIME TO TAX CERTAIN SERVICES ON A STATE AND LOCAL LEVEL. SO YOU'RE SAYING SERVICES LIKE, FOR EXAMPLE, IF SOMEBODY DOES GO AND GET A MASSAGE, THAT SHOULD BE TAXED BECAUSE IT IS TAXED IN OTHER PLACES. THOSE ARE THE TYPES OF SERVICES THAT MAY NEED TO BE LOOKED AT AND TAXED. AND AGAIN, AS YOU BROADEN THAT TAX, BASE IT AGAIN, IT GENERATES MORE REVENUE. AND ALSO HAS THE ABILITY TO A LOWER RATES AND AGAIN SPREAD THAT PAIN ACROSS MORE COMMUNITIES THAT HAVE NOT HAD TO RECEIVE THAT. ULTIMATELY, THE MAYOR WOULDN'T CONFIRM O

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