FOR IMMEDIATE RELEASE
September 13, 2023
CONTACT
Mayor’s Press Office
312.744.3334
[email protected]
CITY OF CHICAGO FORECASTS $538 MILLION BUDGET GAP FOR 2024
Mayor Brandon Johnson keeping campaign promise, committed to not raising property
taxes
CHICAGO – Mayor Brandon Johnson today released the City of Chicago Budget Forecast for
the upcoming 2024 fiscal year, which projects a budget gap of $538 million and holds the
line on not raising the base property tax levy. With a commitment to fiscal responsibility
and sustainable financial management, Mayor Johnson provided insight into the challenges
ahead, and outlined his administration's approach to addressing this budgetary shortfall.
Mayor Johnson acknowledged the complexity of the financial situation inherited by his
administration. Federal Reserve increases to benchmark interest rates to combat inflation
have affected the local economy and negatively impacted revenues. The Johnson
Administration anticipates costs to support the new arrivals mission to increase in 2024,
along with anticipated increases in personnel, pension, and contractual costs.
Mayor Johnson emphasized his dedication to finding solutions that prioritize the well-being
of Chicago's residents while maintaining essential services and programs.
"The projected budget gap paints a realistic picture of our city’s financial condition, which
will require careful consideration and strategic action," Mayor Johnson said. “In the coming
weeks, we will be taking a much closer look at the challenges we face, and how we will
address those challenges reasonably and responsibly, and not on the backs of workers and
working families.”
"My administration is fully committed to transparency, inclusivity, and effective co-
governance. We will work tirelessly to ensure that our budgetary decisions reflect our
commitment to the betterment of Chicago and the livelihoods of its residents, and provide
support around my priorities in the areas of public safety, the environment, youth and
mental health."
Mayor Johnson's approach to addressing the budget gap is informed by his overarching
philosophy of community partnership and collaboration. His tenure as mayor has been
marked by a dedication to open dialogue and engaging with various stakeholders to
identify shared solutions, including holding four budget roundtable events this
summer — one of which focused solely on the voices and concerns of Chicago youth aged
13-24.
This collaborative spirit will guide the administration's efforts to make informed and
equitable decisions during this challenging fiscal period.
The mayor's proposed strategy includes a multifaceted approach, encompassing
expenditure reviews, revenue enhancement measures, and potential reallocation of
resources. While specific details of the plan are still under development, Mayor Johnson's
administration is focused on minimizing the impact on vital public services, and ensuring
that the burden of closing the budget gap is borne as fairly as possible.
As the City navigates budget season, Mayor Johnson reiterated his commitment to fostering
economic growth, attracting investments, and creating opportunities for all Chicagoans. He
encouraged residents to stay engaged and participate in ongoing discussions about budget
priorities.
In conclusion, Mayor Johnson expressed optimism about Chicago's ability to overcome
financial obstacles while staying true to its core values. "Chicago is a resilient city with a
rich history of facing challenges head-on. We will emerge from this period stronger and
more united, continuing our journey towards investing in people, and a better, stronger,
safer Chicago."
To view a copy of the 2024 Budget Forecast visit: chicago.gov/obm.
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