Overview

• The city faces a projected $1.12 billion shortfall in its 2026 budget demands.
• CFO Jill Jaworski told Bloomberg that property tax increases are likely to be part of the final budget package.
• Mayor Brandon Johnson said he will not propose a property tax hike and will instead press for progressive levies on high earners and corporations.
• A budget working group of business, civic and labor leaders is slated to release detailed cost-cutting and revenue recommendations next month.
• Aldermen have warned they will oppose any tax increase without concrete efficiency reforms and spending reductions.