Chicago Faces $882M Budget Gap in 2027, as Johnson Touts Smaller Than Expected Election Year Shortfall

Chicago releases its 2027 budget forecast

New 2027 Chicago budget forecast includes lower deficit than previously expected at $882M

The new 2027 Chicago budget forecast includes a lower deficit than previously expected at $882M amid federal government decisions.

In 2027 budget forecast, Chicago Mayor Brandon Johnson touts deficit reduction

In 2027 budget forecast, Chicago Mayor Brandon Johnson touts deficit reduction

Chicago Mayor Brandon Johnson faces $882M budget gap heading into 2027

Chicago is facing a projected $882 million budget gap in 2027, according to the city’s newly released financial forecast.

Chicago faces $882M budget gap, setting up a fierce election year budget fight – Crain’s

Johnson is expected to release his proposal to close the gap in October, kicking off a frenzied stretch as he and the City Council hammer out a final budget that must be approved by the end of the year. The mayor did not reveal his hand on what new and increased taxes he’ll push for this year, but it is expected he’ll return to the head tax.

Chicago Faces $882M Budget Gap in 2027, as Johnson Touts Smaller Than Expected Election Year Shortfall

“We have difficult and consequential decisions ahead of us as we work to address the structural financial challenges that have confronted Chicago for decades,” Mayor Brandon Johnson said.