Chicago Facing $882 Million Deficit In 2027, Mayor Says

Chicago Projects $882 Million Budget Gap on Bond, Pension Costs

Chicago Mayor Brandon Johnson is projecting an $882 million budget deficit for 2027, even as his administration continues to seek ways to close this year’s shortfall, underscoring the financial pressures facing the third-largest US city.

Mayor Johnson projects $882M deficit, vows to not balance budget ‘on backs of working people’ – Chicago Sun-Times

Johnson, who did not directly rule out a property tax hike, said the budget gap is driven in part by $70 million more in the city’s bond payments, $90 million more in pension obligations, cost-of-living adjustments for union workers, and commodity price hikes linked to the U.S. war against Iran, including $32 million more in fuel and energy costs.

Chicago Facing $882 Million Deficit In 2027, Mayor Says

Mayor Brandon Johnson has not yet specified how he plans to close the budget deficit this fall, but reiterated a pledge to identity "progressive" revenue options.

Mayor Brandon Johnson reveals $882 million budget gap for 2027

Mayor Brandon Johnson’s administration on Thursday unveiled a projected $882.4 million hole in the 2027 budget.

Mayor Johnson projects upcoming $882M deficit, vows to not balance budget 'on backs of working people'

<p>Chicago faces a $882.4 million budget gap next year, Mayor Brandon Johnson announced Thursday as he teed up his next fight for “tax-the-rich” funding streams he believes are needed to offset the city’s severe financial woes.</p><p>“We will not balance this budget on the backs of working people,” Johnson said as he released his annual budget forecast. “We will continue to fight for progressive, equitable revenues that ask those who can afford …

Chicago 2027 Budget Gap Hits $882 Million

Chicago faces an $882.4 million 2027 budget deficit as Mayor Brandon Johnson weighs new taxes, cuts, and possible layoffs before the October proposal.