CHICAGO — Mayor Lightfoot and her budget team made their case on her proposed 2023 spending plan before city council members Monday morning.
She’s already announced she’s forgoing an inflation linked property tax hike of nearly 43 million dollars to help fill a projected $128 millions budget hole for next year.
In 2021, Lightfoot convinced the city council to tie property tax increases to the consumer price index with the idea that it would give property owners some “predictability.”
This would allow the city to meet pension obligations under state law.
Sources include transaction tax from property sales and amusement tax with concerts and shows resuming after height of COVID-19.
Mayor Lightfoot made clear this will be a one-year thing.
“This one-time relief keeps the city on course for protecting taxpayers, keeping promises to workers on pensions, and making historic investments in public safety, mental health and public health in general,” Lightfoot said.
Lightfoot is seeking a second term and she’ll need 26 aldermen to support her budget.