City officials still have more than $152 million to spend from the federal COVID-19 relief package signed into law by President Joe Biden in March 2021, which officials are already planning to use to reduce the 2023 budget deficit.
Park warned alderpeople that the projected budget deficit for 2023 could swell in the coming months before it is finalized in late August or September, in advance of the release of Mayor Lori Lightfoot’s budget proposal.
A gap of that size would likely require city officials to hike property taxes to bridge, something that would be massively unpopular with all 50 members of the Chicago City Council facing re-election in 2023.forecast of the city’s 2023 budgetA less dire financial forecast could complicate Lightfoot’s push for a quick vote on the casino by reducing the financial pressure on alderpeople.
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