Chicago Faces $1.15 Billion Budget Shortfall Amid Rising Costs, Funding Cuts

Chicago mayor expects $1.15B city budget deficit in 2026

Mayor Brandon Johnson's office says the city is projected to run a $1.15 billion budget deficit in 2026.

Chicago budget deficit projection balloons to $1.15 billion for 2026 – CBS2 (Chicago)

Despite the massive budget deficit, the mayor is not planning to seek a property tax increase for 2026, other than the natural growth in property tax revenue due to new properties. Johnson reiterated his desire for new "progressive revenue" to help the plug the city's budget gap, citing concern that "budgets have been historically balanced off the backs of working people. ... Just know that I've said from the very beginning that the ultra-rich i…

Mayor Johnson says Chicago needs to close $1.15B budget deficit

Mayor Brandon Johnson says the city needs to close a $1.15B budget deficit after Thursday's Chicago Public Schools vote.

Chicago faces $1.15 billion budget shortfall amid rising costs, funding cuts

CHICAGO (WGN) — Chicago Mayor Brandon Johnson on Friday released his forecast for the city's fiscal year 2026 budget amid a projected $1.15 billion deficit, driven by weaker business, tax revenues, pension uncertainty, and more. "Chicagoans deserve the truth about the fiscal conditions of the city," Johnson said on Aug. 29, delivering what he described as "harsh truths" at a Zoom presentation for the City Council. The mayor went on to spell out …

Chicago Facing $1.15 Billion Budget Hole For 2026, But Few Details Yet On How Mayor Will Fill Gap

Mayor Brandon Johnson has not yet shared details on how he will fill the spending gap, but reiterated a pledge Friday to find new sources of "progressive" revenue. "The ultra rich and our large corporations have to do more," he said.

Chicago Faces $1.15B Budget Shortfall in 2026, $146M Gap in 2025 ...