You’re watching the NBC 5 Chicago News streaming channel, which plays local Chicago news 24 hours a day, seven days a week. You can find the “NBC 5 Chicago News” streaming channel on your phone or computer, and on Peacock, Samsung, Roku, Xumo or on our app, so you can watch our local news on your schedule.
NOTE: NBC Chicago will offer a live stream of Johnson's budget address beginning at 10 a.m. Wednesday.
Chicago Mayor Brandon Johnson campaigned on a promise he wouldn't raise property taxes, but 18 months in office and a $1 billion budget hole later, he's expected to propose a hike.
Johnson is set to call for a hike during Wednesday's City Council meeting, though details surrounding how much it will be remain to be seen.
With the city facing a massive budget shortfall for fiscal year 2025, it's not clear if Johnson will be able to garner enough support to push such a measure through, however.
In order for such a proposal to pass, 26 aldermen have to agree. And getting to that number won't be easy, as many reluctantly await details of Johnson's plan.
According to Joe Ferguson with the Civic Federation, the city could look at other alternatives, such as layoffs or furloughs, vacancy elimination or raising garbage collection fees.
While Johnson did announce a hiring freeze last month, labor unions, which helped get Johnson elected, have pushed back against extensive cutbacks.
According to estimates, the city’s projected budget deficit for FY 2024 will clock in at approximately $222.9 million, which is still below previous estimates from earlier in the fiscal year.
With the expiration of COVID assistance and other factors taken into account, the budget deficit for FY 2025 is estimated to be $982.4 million, according to city Budget Director Annette Guzman’s office.
The Chicago City Council still needs to vote on a new budget for the coming fiscal year, but Johnson has told reporters he was willing to consider a variety of options to help close the gap.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Chicago Catch-Up newsletter.
