pdated budget forecasts show a $982 million shortfall for the upcoming 2025 budget as Chicago grapples with $223 million remaining deficit this year. Mayor Brandon Johnson refuses to rule out property tax hikes.

Mayor Brandon Johnson’s Office of Budget and Management is projecting the city is facing a $982 million budget shortfall for the upcoming 2025 budget as city leaders are still trying to figure out how to close the $222.9 million shortfall for this year’s budget.

The 2025 Budget Forecast released Aug. 28 included projections for the remaining two years the Johnson administration will oversee the city’s financials. Baseline projections estimate the city’s budget deficit will grow to $1.12 billion in 2026 and $1.32 billion in 2027, but those shortfalls could be as large as $1.58 billion and $1.93 billion.

https://www.illinoispolicy.org/chicago-mayor-brandon-johnson-stares-down-a-1-billion-city-budget-deficit/