Chicago budget: Mayor Brandon Johnson, officials looking for ways to close projected $1.2B budget shortfall
Share this @internewscast.com

CHICAGO (WLS) — Chicago’s budget director has stated that 2026 is anticipated to be one of the most challenging budget years in recent memory, as the city confronts another significant budget deficit with limited effective solutions to address it.

“These roundtables hold great importance tonight,” expressed Chicago Mayor Brandon Johnson. “To ensure that our budget and budgeting process guarantees that all our residents are given a voice.”

ABC7 Chicago is now streaming 24/7. Click here to watch

On Monday, Johnson attended the second of four budget roundtables meant to engage the public ahead of what could be a contentious budget fight.

“Budget imbalances occur when one side of your ledger outpaces the other in growth. Ideally, this would be on the revenue side, but regrettably, it’s on the expenditure side,” explained City Budget Director Annette Guzman.

The city projected a 2026 deficit of nearly $1.2 billion, a figure that could grow if there are cuts in federal funding.

“We’re demanding a budget that serves the many and not the few, a budget that taxes the wealthy and not the working families,” said West Side resident and community organizer Crystal Gardner.

Last year, Johnson broke a campaign pledge and proposed a $300 million property tax hike. But facing objections, he took it off the table in favor of fee increases, cuts to unfilled positions and debt restructuring.

READ MORE | Chicago Mayor Johnson sends aldermen letter ahead of earlier budget talks, reluctant to make cuts

With the mayor determined to preserve investments for the unhoused and those needing mental health support, along with youth employment programs, he may again ask taxpayers to dig deeper.

“If we’re looking at a budget gap that’s grown by, say, $600 million to $700 million, I would think that’s the property tax hike that he’s going to ask for. It is going to be pretty painful for taxpayers,” said 32nd Ward Ald. Scott Waguespack.

After the mayor was criticized last year for failing to engage stakeholders, he formed a working group in April that will deliver budget recommendations by the end of August.

A balanced budget must be passed by the end of the year. Overreliance on one-time revenue could lead to another credit downgrade for the city.

Copyright © 2025 WLS-TV. All Rights Reserved.

Share this @internewscast.com
You May Also Like
ICE agents in Midwest jurisdiction recently arresting more who have no prior criminal convictions, charges

ICE Agents in the Midwest Increasingly Detain Individuals Without Prior Criminal Records

CHICAGO (WLS) — President Donald Trump campaigned with a promise to deport…
Marvel's 'Ironheart' series explores STEM, self-discovery with Dominique Thorne leading the charge on Disney+

Marvel’s ‘Ironheart’ series delves into STEM and personal growth as Dominique Thorne stars on Disney+

In 2016, an MIT prodigy, Riri Williams, made a remarkable entrance into…
‘This Keeps Happening’: Megyn Kelly Blows Up on Legacy Media After Another Anti-Jewish Terror Attack

Straight-Talking Megyn Kelly Informs NYT Contributor About the Risks of Accepting Preferred Pronouns

In this episode of “Don’t Mess With Megyn”… The tale starts with…
Jimmy Swaggart preaching to a large crowd.

Televangelist Jimmy Swaggart Passes Away at 90 Following Recent Cardiac Arrest

TELEVANGELIST Jimmy Swaggart has died at age 90 over two weeks after…
Exterior of a cluttered shed where two children lived.

Siblings, Aged 9 and 6, Discovered Living Off-Grid in Farm: Limited Communication Skills and Use of Diapers

A BROTHER and sister have been discovered by horrified cops living off-grid…
Daughter of assassinated civil rights leader sees painful echoes of political violence in America

Daughter of Slain Civil Rights Leader Recognizes Troubling Patterns of Political Violence in the US

JACKSON, Miss. (AP) — Over six decades have passed since a white…
Duval parents rally against DEI policy changes

Duval Parents Protest Alterations to DEI Policy

Parents and students rallied against changes to DEI policies and book bans…
World leader suspended from office over leaked phone call after deadly border dispute

Global Leader Temporarily Removed Following Leaked Call After Fatal Border Clash

Thai Prime Minister Paetongtarn Shinawatra was temporarily removed from her role on…
'Project Runway' Season 20 returns July 31 with Heidi Klum, Law Roach & 12 designers competing

‘Project Runway’ Season 20: Heidi Klum, Law Roach, and 12 Designers Set to Compete on July 31

The fashion competition returns with Heidi Klum, Law Roach, and more of…
Jury reaches verdict on 4 of 5 counts in Diddy trial but is told to keep deliberating

Jury Decides on 4 of 5 Charges in Diddy Trial; Instructed to Continue Deliberations

NEW YORK (AP) — In Sean “Diddy” Combs’ sex trafficking trial, the…
Televangelist Jimmy Swaggart, whose multimillion-dollar ministry was toppled by prostitution scandals, has died at 90

Renowned televangelist Jimmy Swaggart, who saw his successful multimillion-dollar ministry fall due to prostitution scandals, has passed away at the age of 90.

BATON ROUGE, La. — Televangelist Jimmy Swaggart, whose multimillion-dollar ministry and vast…
Snake on a plane delays flight for 2 hours

Snake Causes Two-Hour Flight Delay

The snake turned out to be a harmless green tree snake, but…