Mayor Lightfoot will deliver her budget address at City Hall with aldermen attending in-person, not virtually.
In August, the mayor projected a budget shortfall of $733 million for the 2022 budget.
The shortfall is down from the $1.2 billion deficit from last year, when revenues were greatly impacted by the COVID-19 pandemic.
According to the Sun Times, the mayor’s budget proposal will increase the property tax levy by $76.5 million, but will hold the line on all other taxes, fines and fees.
The mayor plans $1.2 billion in new investments, with millions going to community development, affordable housing and helping the homeless. Nearly half of it will be paid for with federal COVID-19 relief money.
Last year, Lightfoot raised property taxes by $94 million and persuaded aldermen to follow that with annual increases tied to the Consumer Price Index.
Some aldermen have been very vocal about even the suggestion of a property tax increase, saying Chicagoans have “no tolerance” for it.
After the Mayor delivers her address, aldermen are expected to set public hearing dates so residents can weigh in.
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