The $5.4 billion spending proposal does not include a property tax hike to keep up with the soaring rate of inflation, or any other tax or fee hikes.
Mayor Lori Lightfoot unveils the forecast for the 2023 Chicago budget on Aug. 10, 2022.
However, the city’s finances will continue to be pinched by soaring pension payments, as the city complies with a state law that requires Chicago’s four funds be funded at a 90% level by 2045, ensuring they can pay benefits to employees as they retire. Lightfoot proposed earmarking $3.1 million to help people in Chicago access reproductive health care and $10 million to reduce homelessness. She acknowledged on Thursday that her plan to hike property taxes was dead-on-arrival and said it would not be included in her final budget proposal during her first term as mayor.
Lightfoot’s speech Monday kicks off the monthslong process that will end with the adoption of the 2023 budget before the end of the year. Much of the debate over the 2023 budget — which will take place simultaneously with the elections for mayor and all 50 alderpeople — is likely to focus on whether those programs, funded by the Chicago Rescue Plan, will continue or be expanded.
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