'The size of the budget gap is significant,' Johnson said. 'There will be sacrifices that will be made.'
CHICAGO -- Mayor Brandon Johnson is projecting a $982 million city budget shortfall for 2025, nearly double the spending gap he faced in his first year in office, thanks to rising personnel costs, drops in some key tax revenues, and expiring one-time budget solutions he relied on to balance the 2024 budget.'The size of the budget gap is significant. It's going to require decisions that will speak to our overall collective desire to build an economy that works for working people.
Budget Director Annette Guzman said the city is expecting continued drop in revenue from the personal property replacement tax – a tax on corporations collected by the state and passed on to local governments. The city saw a drop of $169 million in revenue from that tax in 2024, and is expecting an even bigger drop in 2025.
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